Ok, new to this LLC idea and have been reading thorugh the forums. Here’s my situation and questions.
- I personally purchased and got financing for an investment property
- Property is rented and rent checks are being sent to me personally. Rent payments are used to pay for the mortgage and other property expenses.
- Formed and LLC and planning to quit claim title to the LLC.
Question: After the property is transferred to the LLC, will rent checks need to be written to the LLC? If so, how are funds transferred to me so I can pay the mortgage w/o getting into the issue of commingling , since the LLC is a separate entity.
…confused newbie