I recently attended a tax deed auction and purchased vacant acreage right next door to my primary residence. I plan to hold onto it for years to come and wondered if it would be in my best interest to set up an LLC and transfer it out of my personal name.
Is there any tax advantages? I own the property outright - there are no liens. New to the real estate investment game and want to do what is in my best interest.
Thank you in advance for any and all help.