How Should I Set Up LLC's For My Rental Properties?
I'm 32 years old and own 4 rental properties. Any input on these ideas I'm considering for my properties:
1. WA LLC's for each house and a WA corp to own the LLC's
2. Out of state (Nevada?) LLC's for each house and an out of state corp to own
the LLCs'
3. WA LLc's for each house and an out of state corp to own the LLC's
4. One LLC to own all houses
5. One corp to own all houses
6. One LLC to own all houses and a corp to own the LLC
Not sure what to do and every attorney has a different opinion.
Not sure about your area but here in Ohio a corp cannot own an llc. My attorney advocates a different LLC for each property, of course that gives him more business.
What I do is look at the properties and decide how much of a risk for suit they present. I usually do an LLC for every 2-3 properties, that way if I get sued they can only get at a portion of my assets, if they win.
What information do you have regarding not being able to transfer a personally owned property into an LLC without triggering the due on sale clause (or whatever it was called) and also the fact that my lenders may squawk...