02-25-2024, 06:02 AM
The property needs to be owned by the LLC for you receive liability protection, otherwise both you and the LLC are jointly liable. This means you have to transfer the mortgage (if there is one) and deed over.
The goal of an LLC is to limit liability to the value of property. It's a strategy building owners use when they have many properties and want to limit the impact of large damages awards on the rest of their portfolio. However, if you have only one unit and you are properly insured with STR insurance this all may not be necessary and a waste of time/money. (not a lawyer)
The goal of an LLC is to limit liability to the value of property. It's a strategy building owners use when they have many properties and want to limit the impact of large damages awards on the rest of their portfolio. However, if you have only one unit and you are properly insured with STR insurance this all may not be necessary and a waste of time/money. (not a lawyer)