Great post, Kingside. Rare to find a useful, straightforward answer born from experience and devoid of nonsensical political commentary these days.
SK – I agree with you, by the way. Not sure how the LLC protects the house at all. I guess if something happens to a guest of the house such that the owner, not renter, gets sued, it would offer some protection to the other assets belonging to the owner of the LLC. Still, the house could get taken from the LLC.
But, given Kingside’s insight, is it really doing anything ?
I always wondered if an LLC would provide protection from a property-tax basis. That is – sell the LLC to the next owner instead of selling the house and keep the property tax base the same.
