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Hi All,
New to the RE area in TX. I've properties with mortgages, ins, and
title in my personal name. I have created a single member LLC.
For tax and legal purposes, is it wise to utilize the LLC in a property
management role? All mort. payments, taxes, ins, repairs, maintenance,
rent collected, and etc would be handled through the LLC?
Should I provide a contract between my LLC and personal name stating
all transactions and business will be handled by the LLC? Provide
montly invoices too?
How would I get the profit back from the LLC back into my personal
name? Or should i leave any income in the LLC?
Eventually, sometime in the future I'd like to have the properties
in the LLC.
Thank you for your advice.
regards,
md
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Need Advice On Personal Property Managed By LLC?
