New here. Have a 2bd condo & basement in a home looking to finally rent out…is there a particular LLC structure? Should I have both properties under the same LLC? What’s the best route for a beginner? Thanks.

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The protection an llc offers you as a small landlord is overblown. The reality is you're more than likely to comingle funds or some other mistake that will allow the veil to be pierced.

If you want an llc what I'd do is form one (super ez, don't need a lawyer) and then lease the spaces to the llc as a manager and have the llc rent to the tenants. This avoids any title work or breaching your mortgage docs (which tbh isn't a big deal but still)

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Also be aware that financing through a llc suckkkkks. Way more exp and higher rates. If you don't have your financing set up do that first.

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Yes but it's a beach of your mortgage documents.

If you already have a mortgage in your name most likely you won’t be able to change it to an LLC. Just get umbrella insurance.

Op. It is possible. It's technically a breach of your mortgage documents. That said, the practice is widely done and there isn't really a consequence likely to occur. If you pay monthly no one is looking into it from the lender.

There is no need to do an LLC unless you have a partner.

Curious what the rationale is here? First time I've heard this particular pov about partners. Could you elaborate what you mean?

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