A vacation rental is going to be a for profit scenario. Therefore why would you attempt to do it as a non-profit organization?Oregon
We own 4/6 shares of a beach house, with 2/6 owned by 2 different unrelated families.
It is currently have it set up as a non-profit, but we want to make it a vacation rental. Can we do this as a non-profit or do we need to change entities?
A Beach house being a non-profit just does not make sense. You could do an LLC. That is an appropriate entity for rental property.It was already a non-profit entity when we purchased shares. We would be changing it, but what entity would be the best fit (sorry if this was unclear)
And you buy a commercial insurance package policy for property and liability coverage.That's why you create an LLC.
Yes.Because an LLC would be considered a single entity?