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re: TOS: Being a landlord
Posted on 6/12/15 at 7:34 pm to deeprig9
Posted on 6/12/15 at 7:34 pm to deeprig9
quote:
His has 5 units. So he not exempt.
5 units also exceeds Fannie/Freddie limits so he'll need some other finance type.
Couple of red flags on this one, i will elaborate later.
Yeah, I completely forgot to give thought to the 5 unit thing, though the information is still good to have if he's in the market to do this with any single-family properties.
As it is, I agree....LOTS of red flags flying on this one. Personally, I wouldn't want any part of it, but that's me.
1
Posted on 6/13/15 at 11:25 am to S1C EM
Have to disagree on the tax aspect of the LLC. In Georgia, a single member LLC can be a "Disregared Entity". What this means is that although the LLC is a separate entity for legal purposes, for tax purposes the LLC would be treated as a personal business and reported on Schedule E of Form 1040 just like personally owned rental property. All of the property expenses and mortgage interest would be deductible against the rental income.
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