Want to buy an investment property - single family rental home. We already have a small commercial rental property owned by an LLC that has positive cash flowed since we've owned it for approximately 3 years. The commercial property is the only asset and business of the LLC. The rental home we want to buy will need some updating prior to renting it.
What are the pros/cons of buying/owning the rental home individually vs in our LLC? What are the best financing options? For liability and accounting/bookkeeping purposes I think I'd rather do it in the LLC. I damn sure want to be able to expense all rehab costs to the greatest extent possible. But curious about tax and financing advantages for both options, among whatever other factors.
What are the pros/cons of buying/owning the rental home individually vs in our LLC? What are the best financing options? For liability and accounting/bookkeeping purposes I think I'd rather do it in the LLC. I damn sure want to be able to expense all rehab costs to the greatest extent possible. But curious about tax and financing advantages for both options, among whatever other factors.