 In law suite (by MMIT [VA]) Oct 21, 2017 2:10 PM
 In law suite (by WMH [NC]) Oct 21, 2017 2:26 PM
In law suite (by Deanna [TX]) Oct 21, 2017 2:30 PM
In law suite (by WMH [NC]) Oct 22, 2017 5:32 AM
In law suite (by MMIT [VA]) Posted on: Oct 21, 2017 2:10 PM
Message:
My son and dil have 2 rental houses set up in an llc. They are doing well with the rentals.
They are getting ready to sell the house they live in and buy a bigger house for themselves. The new house has a separate “in-law” suite that has separate utilities. They intend to rent the in-law suite and live in the main house.
How should they handle the new house? Should the house be deeded in their name or in the llc?
Thanks! --75.190.xxx.xx |
In law suite (by WMH [NC]) Posted on: Oct 21, 2017 2:26 PM
Message:
Don't private homes tend to be more protected? Can't be taken by bankruptcy, at least. I'm not sure about the IRS.
But the assets of an LLC, if exposed, are ALL exposed?
For that reason, I would keep the private home in my private name OR in a separate LLC.
Not a lawyer. Just an idea. --173.22.xx.xx |
In law suite (by Deanna [TX]) Posted on: Oct 21, 2017 2:30 PM
Message:
A lot depends on local laws, but in general, you have extra flexibility if you live under the same roof as your tenant. The LLC, on the other hand, is considered a "person", and wouldn't have that kind of flexibility.
If A and B live under the same roof, and pay rent to C, they're roommates.
If A and B live under the same roof, and B pays rent to A, B is A's boarder.
Different laws apply for roommates vs boarders. --96.46.xxx.xx |
In law suite (by WMH [NC]) Posted on: Oct 22, 2017 5:32 AM
Message:
Also owner-occupied dwellings can be a lot choosier with residents. They don't have to take ANYONE they don't want to take, Fair Housing be d*mned, and they don't have to tolerate any nonsense at all. It's sometimes called the Mrs Murphy rule. --173.22.xx.xx |
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