How to time the real estate market?

[o_mom]

If you set up an LLC, then you should be able to deduct expenses... Like travel to and from the property, maintenance, etc.

[candaceb]

I don't know anything about real estate, but I set up my own LLC for my business and it was very easy and inexpensive. There is no way that should be a barrier to doing something.

[chlobo]

I have most of the rental information because my parents rent theirs. They have either rented it out seasonally or by the weekend. They sometimes rent during the spring/summer/fall for a pretty low price, but are typically able to keep it rented on big weekends. Per them, it's pretty easy when renting for a winter season to cover the taxes/condo fees for the year.

But now DH says that he doesn't want to do this because we would need to form a LLC if renting? Because if someone falls down the stairs and breaks their back, then they could sue us personally?

Does anyone who owns rental property do this? I know my parents do not have a LLC.

Our financial advisors are having us form an LLC on a property we may end up renting for the liability reason.

[marinkitty]

We have LLCs for our rental properties. It is super easy to set up so I wouldn't let that be a barrier and it is smart to do it to shield personal liability. Make sure you get an umbrella policy in addition to normal insurance too.