Incorporating a business or forming an LLC creates a business that is legally separate from the owner(s).Obtain a federal tax identification number (EIN).

This strategy shows the necessary documentation to help keep a separation in place. 

I was reading through the turnkey discussion and wanted to start a separate discussion on turnkey companies.

There will also be differences on how you structure the operations of the Chinese restaurant and hopefully, separate that from the entity holding the property. 

I like the guy, but ...dang.We gave him a sweet deal since he would have to be more concerned with the tenant below as there is no separate utility for the basement, he would have to be mindful of noise and place the basement tenants' mail in his mailbox out back. 

Yes, I certainly know a realtor with a lot of experience in knowing the Airbnb laws and zoning and in how to find homes with a separate space to rent.

You could ask for 1st and last months rent and a separate deposit to be on the safe side.

All separate metered and tenant pays all utilities. 

Plus if you use Venmo occasionally for personal payments it’s tough to keep financIals separate.

Is it possible to structure this to qualify for a 1031 exchange - if Partner A is bought out of each LLC (and building) separately (rather than a valuation and exit of the partnership as a whole)?