Hi! I’m in the process of buying a MFH and I’ll be occupying one of the unit and rent the remaining out to tenants. What so I do?
- Form a LLC for the entire property
- Form a LLC for just the unit I’m renting (is this even possible?)
- Form a Trust for the entire property
- Don’t do anything…leave eveything in personal asset
If the answer is to form a LLC, when should I do this, before or after the purchasing of the property? Or does it matter? I’d love to hear the member’s suggestion on this as I’m starting to look at properties this past weekend at Salem, MA. And for those members, who are familiar with the area and know of good deals for a MFH for sale, I’d love to hear from you and I’m willing to pay for your referral fees (a reasonable amount). I’m looking to move in sometime in the next couple of months if things workout.
Pardon me if this quetion has been asked before. I’m new to the site and I’ve looked though the threads and could not find ones that’s unique to my situation. Thanks again for all your help on this.
Cheers!