What is the name of your state NJ?
Greetings All.
My question is regarding opening an LLC in NJ for the purpose of holding a single amily home that will be used as a rental property.
The question is rather broad: What are the pros & cons of doing so?
The property being acquired is right next door to the owners principal residence. The lawyer involved is strongly suggesting doing so as in this state if this property should the home on the second property being be destroyed, then due to its size [and zoning] it could be tacked, or merged with the property of the principal residence.
You may need to know that the property beiong acquired is [techinically] a non-conforming lot, slightly undersized and actually the standard in this neighborhood, but not "kosher according to the letter of the Zoning Regs.
One solution to any merge [if that situation should arise is that the second property could be subjected to a request for vaiances with the Zoning Dept. and if successful would result in yet another home being allowed to be constructed on the property.
I hope that I have provided enough info to allow someone here to make some considered opinions.
I am also wondering if filing for this LLC is a do-it-yourself project. My initial web-searches into this have resulted in many "we can do it for you cheap" links on the web.
Thanks for your input.
RowZ
Greetings All.
My question is regarding opening an LLC in NJ for the purpose of holding a single amily home that will be used as a rental property.
The question is rather broad: What are the pros & cons of doing so?
The property being acquired is right next door to the owners principal residence. The lawyer involved is strongly suggesting doing so as in this state if this property should the home on the second property being be destroyed, then due to its size [and zoning] it could be tacked, or merged with the property of the principal residence.
You may need to know that the property beiong acquired is [techinically] a non-conforming lot, slightly undersized and actually the standard in this neighborhood, but not "kosher according to the letter of the Zoning Regs.
One solution to any merge [if that situation should arise is that the second property could be subjected to a request for vaiances with the Zoning Dept. and if successful would result in yet another home being allowed to be constructed on the property.
I hope that I have provided enough info to allow someone here to make some considered opinions.
I am also wondering if filing for this LLC is a do-it-yourself project. My initial web-searches into this have resulted in many "we can do it for you cheap" links on the web.
Thanks for your input.
RowZ