My (unmarried) partner and I just bought a house together. We’re getting a business license so that we can Airbnb part of the house, and planning to rent out my other home. What would you recommend is the best way to manage and structure the two new rental income streams? Looking for guidance on how to separate expenses, earnings, whether to use an LLC, etc.

like
Posting as :
works at
You are currently posting as works at

I’m a corporate lawyer but have worked with some real estate ventures. I think most people would suggest using an LLC and having an operating agreement drafted that lays out your agreement and rights as co-owners. Some states require an operating agreement anyway, but it would be extra helpful for you as an unmarried couple because you could flesh out things like separation and decision making. Liability protection is the main benefit but as co-owners an LLC is also a great way to structure your arrangement.

like

Talk to a lawyer about liability protection. Use Quickbooks to track expenses.

like

Absolutely get an llc and get as much insurance as you can. If you get sued they won’t come after you if there’s another pocket of money.

If you don’t get an llc, then if you get sued, they can come after all of your assets

Related Posts

Safest wallets / exchanges for buying VET and safe moon? 😭

like

Hi guys.
Do you think investing in gold is a good choice?
Seeing their prices are going up, there will be good value in future for these

like

What's the quickest way to market a property for rent other than listing it on MLS and all the websites? Should I list on Craigslist and marketplace too? Anything else I can do?

like

Question for anyone whose left the firm: I've been here for 9 years so my pension is fully vested. What happens to it if I leave?

like

Why so red? Any stocks good to buy now?

like

Hey beautiful people,
I’m 27Y and work in tech. Unfortunately my carpal tunnel is getting worst slowly. I’m worry that I still have like 45 years more to be retired and can’t stop working because I have a f* mortgage to pay 😭 I have a super ergonomic workstation, but I know my hand needs a long rest, and I can’t do it… Does anyone relate? What do you recommend?

like

Hi Fishes,
I have recently joined Deloitte and have to submit my HRA declaration, my work location is Hyderabad and even i staying in Hyderabad on rent but my owner refuse to give me her PAN card details.
I can submit my parents PAN details ( both are retired but they stay in Jharkhand) instead of my owners
Can you guys plz suggest ?

like

Is it worth saving money with 401K or get better rates in FD’s / Post Office etc in India ? FYI 50% match is provided by company for first 5% only

like

Using Robinhood to do some day trading. Bought a share of Amazon a few months back and have almost 30% ROI. Should I sell? It seems like it is too high right now and the bottom could fall any moment.

like

Recently received 30k and wondering what to do with it. Not yet a homeowner but also not sure if we’re ready to buy anyways. Have a young baby. Any advice on how to figure out best use?

Imagine supporting this stuff––family separation, demolished environmental regulations, “very fine people,” and the rest––to get tax cuts... and thinking your grandkids will see you as the good guys.

like

a very specific question to all Canadians.

Current situation , i need to refund signing bonus which was paid along with 3 days of work at the company, taxes are withheld obviously
When you refund a signing bonus do you
1- refund ALL of it even taxes Withheld ?
2- refund only the amount that was deposited in your account
3- mix between 1 and 2 refund more than was deposited but less than the whole amount ( taxes should be refunded to me next year)

My contract says 2 and they want to do 3 Help

like
like

Single and childless but would like kids. High income and maxing out all tax advantaged accounts I can but was thinking of starting a 529 in my own name to be transferred to future kids. If I don’t have kids maybe transfer it to my nephew. Thoughts, pros, cons?

like

I'm working on a Fintech startup related to commercial banking pricing. We would like to do some "expert interviews" with current RMs (we would compensate your time.) We want to better understand the friction points when it comes to price C&I or CRE loans. Please DM me if you are interested.

We are not looking for any private information, but more anecdotal evidence of issues that can be improved.

like

Hi guys,

I got my full and final settlement today but I can see no tax deduction. Does anyone know the reason. 4k tax used to be deducted every month till now. I also got gratuity and leave encashment along

like

Does anyone have experience managing an out of state property yourself? Are there any tips/services you use?

like

Is it true that stocks bought and sold are visible in form16?

How many of you are involved in share trading/Derivatives Trading apart from your current job? And how are you managing it? What return are you generating?

like

Why are properties in NYC so damn expensive? At this point should I just move elsewhere?

like

More Posts

How much bonus does an L6 in tech consulting get ?

like

Hi All,
I have experience in Automation testing UI and API. Looking for a Remote job.
Please do share if you came across any such opening. 11.9YOE and immediate joiner.
CCTC 11.6.
Also what can be my ECTC?

like

PwC people, does vacation negatively impact utilization the same way hitting G&A does?

like

So how worried should I be about NY not getting an extension for the Real ID Act? And not getting my passport renewed in time.. putting it out for rush now

like

How do people get interview call from Accenture Strategy & Consulting? I am an MBA from tier 2, 5 YoE post MBA in Financial Risk. Currently working with a Big 4.

like

Anyone in a Florida PE shop want me to take them to lunch and the strip club and maybe play some Xbox afterwards? It’s kind of a date but not really. plz hire me

likefunny

Looking for 2bhk/3bhk near marathahalli or Brooke field and a flatmate(preferably Telugu)as we are 3 pre decided and rent range is 20000-30000

like

What are some of the things to keep in mind when leasing a new car? What are some add-on that can be negotiated on?

like

NYC - Top entertainment accounting firm is looking to hire multiple staff tax accountants to their team. Most of the clients are in television and film - actors, producers, directors. Should have 1-3 years of busy season experience. Excellent culture, benefits and work/life balance. DM me for more info!

like

I feel like I've been living under a rock for ~5 yrs. I was happy and blowing off money with the thinking that I'll start saving once I start earning more.

Just realised that could've started early. I'm in mid 20s and thinking about investment. Tried watching YouTube videos. But I have pretty basic questions :
1. Where do I even start?
2. What %age of income should I invest?

I hope I'm not late.

like

Hi, I’m pregnant and interested in lateraling in LA after my maternity leave. Would anyone know if any of these firms are supportive of new mothers and/or have a substantial representation of female partners? I’m in a specialty group in corporate. Latham, Gibson Dunn, White & Case, Mayer Brown, Troutman Pepper, and MoFo

like

Thoughts on living in Newport/waterfront JC?

like

Need the 101 on how to work with SAs at luxury boutiques as a first-time buyer. Do you “shop around” until you find one you like? If something isn’t in stock, do they text you proactively? Would love to hear how you all developed relationships.

likehelpful

Any one here from magneti marelli account?

like

Staying downtown Columbus Hilton for my wife’s job conference and we have to use valet parking since I need to use my car to go to work every day. $40 a day, how much do I tip and is it when I drop my car off and when they bring it to me in the morning?

like

Hey there i got an offer from UNESCO paris as an financial budget monitor intern( in admin department) , while knowing that i like the life in Sweden better than in Paris as an outsider. (i don't speak French) can anyone tell me if it is a good opportunity? Or is it better to stay in Sweden and do ny current intern to be a consultant?

Anyone ever make the jump from Audit to M&A? If so, how’d it go?

like

Anyone traveled or traveling to Peru anytime?

like

Additional Posts in The Real Estate Bowl

How big is to big for an initial investment property. Theres a 20 SFH portfolio for sale by me for about a mil. Is this to big to start with initially? I'm less worried about the Financials (feel comfortable on that end) and more worried about the managerial aspect.

like

For people who recently refinanced, bought or is in the process of buying a new home, what APR did you get?

like

What are the mortgage rates you guys are getting? Best I’ve heard is 2.5% (30year fixed) curious if anyone has heard better?

like

Looking for experiences/opinions on A/C options for old houses. E.g., high velocity ducts vs ductless mini splits. Seems like mini splits are way easier and possibly more effective...but seems like an eye sore. Or... is it just what a contractor thinks will work given your house? Curious what everyone thinks!

like

How much should I invest in buying a HOME as my primary residence.

Current TC: 200k
Net worth: 300k, readily available 170k in stocks, hysa and cash
Current rent: 2000 per month
Age: 30

Wonder if anyone has any excel model or a rule to determine how much I can afford or should go for?

like

I am moving to Charlotte, NC for a new job. I currently live in Portland, OR and have a single family home here. With my income, and current mortgage, I can afford a 350k house I’m Charlotte with about 10% down. What are the pros and cons of buying a new place in Charlotte and then sell my house in Portland?

like

Does anyone know what this means?
"Can anyone, other than you, claim a homestead interest in the property that will secure repayment of the loan?"
My spouse and I are applying for the loan and would like to be on the title.

like

Is a sloped floor of 1/2” over 10’ noticeable? I have to make room for conduit and cannot trench in my current place

likesmart

Does anyone have experience managing an out of state property yourself? Are there any tips/services you use?

like

Need a recommendation for a solid real estate attorney in Columbus, Ohio. Someone who specializes in rental properties and evictions. Any help appreciated. Thanks!

like

Anyone ever had the trim on your house painted? 2000 square feet, was quoted $3500. This included the trim, garage door, and front door. Seems reasonable, no?

like

Got news that my house closing may have to be moved due to a delay in the sale of my home. My partner’s income was excluded in the DI ratio, but if it were included we’d be well under the % threshold and can be approved to close on time regardless of the sale of my house. However our mortgage company’s underwriting team has been painfully slow in confirming if her income qualifies. She’s been at her new job 1 month after a year off. Anyone with underwriting experience have insight?

like

Looking to move out of California, and considering buying a townhome in Atlanta for ~$650k. Any thoughts on the Atlanta real estate market?

like

This is the thread to boast about a creative deal that you made by using leverage and/or collateral.

like

Fishes! what are the best grounds to dispute my property tax valuation? What support should I have?

like

idk if this is the right place to post but...
Ok so I was carless -- I was assembling my new bed frame and one as I was grabbing one of the long parts; I set it vertically and my fan was on and hit the edge. I literally just moved in 5 days ago and I already scratched these pristine fans, I'm irate and I want to fix it.
Is there any kind of paint. or is there a way to polish it so it doesn't look as bad :(

Post Photo
like

What price per sq foot to investors start buying in the north ATX home? My home is on the market and not moving. Trying to understand at what price point does it become attractive to investors

Does anyone have experience with out of state turnkey real estate investing? Would you recommend any companies? I live in Sacramento where prices for real estate are inflated so I can't buy local.

like

At what income level should one be comfortable to spend 2400/mo on rent in HCOL? Assuming single, no kids, no debt or major expenses.

like

How do I classify my property for tax purposes if I received rental income for exactly 15 days this whole year? Primary?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal