Setting up an LLC

[GSSIV]

What is the name of your state (only U.S. law)? Delaware.

I currently have a rental home in my own name and realize I should have this in a LLC limiting my liability. My issue is to put this into an LLC my lender will require me to go through a full underwiting process. That said I am fine to do that and pay the extra 25bps to limit my liability, but would rather avoid it. What I would like to know is can I continue to keep the bank note in my personel name and set up an LLC that manages the home and the renters pay rent to?

 

[LdiJ]

What is the name of your state (only U.S. law)? Delaware.

I currently have a rental home in my own name and realize I should have this in a LLC limiting my liability. My issue is to put this into an LLC my lender will require me to go through a full underwiting process. That said I am fine to do that and pay the extra 25bps to limit my liability, but would rather avoid it. What I would like to know is can I continue to keep the bank note in my personel name and set up an LLC that manages the home and the renters pay rent to?

You don't need to have the property in an LLC to save you from potential liability. You just need to have a decent amount of liability insurance. Check that out first, its not very expensive.

 

[GSSIV]

great thank you