how many separate houses would you put in an llc

[conflict101]

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

I recently inherited a large amount of money and I've been arguing to allow more than one unrelated person to live together at town meetings. I won because the town modified the required persons to up to 5 unrelated. I plan on buying 5 houses with 4 to 5 bedrooms and allowing people to share. Myhubby thinks its a waste of money to put two houses in one LLC each. I disagree and think its worth it to place 2 in each in the event something goes awry and we get sued. I'm done breaking laws and now plan on profiting on them. But I can't convince him it could save us down line

 

[Antigone*]

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

I recently inherited a large amount of money and I've been arguing to allow more than one unrelated person to live together at town meetings. I won because the town modified the required persons to up to 5 unrelated. I plan on buying 5 houses with 4 to 5 bedrooms and allowing people to share. Myhubby thinks its a waste of money to put two houses in one LLC each. I disagree and think its worth it to place 2 in each in the event something goes awry and we get sued. I'm done breaking laws and now plan on profiting on them. But I can't convince him it could save us down line

That made me giggle

Oh yea... One LLC, One house

 

[conflict101]

Glad to give u a chuckle. Oh so you think even two in one LLC is too much risk. Good point. I didn't even think of that. Guess I got my work cut out for me

 

[Antigone*]

Glad to give u a chuckle. Oh so you think even two in one LLC is too much risk. Good point. I didn't even think of that. Guess I got my work cut out for me

Yep...

 

[tranquility]

You don't put any houses in the LLC. The LLC is the business that rents the houses from you.

 

[Antigone*]

You don't put any houses in the LLC. The LLC is the business that rents the houses from you.

If I understood the OP correct, the OP owns five homes that they want to generate rental income from. It would be prudent for each LLC to own a home.

If I didn't understand the OP correctly, then I guess it is margarita time.

 

[LdiJ]

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

I recently inherited a large amount of money and I've been arguing to allow more than one unrelated person to live together at town meetings. I won because the town modified the required persons to up to 5 unrelated. I plan on buying 5 houses with 4 to 5 bedrooms and allowing people to share. Myhubby thinks its a waste of money to put two houses in one LLC each. I disagree and think its worth it to place 2 in each in the event something goes awry and we get sued. I'm done breaking laws and now plan on profiting on them. But I can't convince him it could save us down line

Why do you think its necessary to put the houses in an LLC at all? Its far simpler to purchase adequate liability insurance. I would strongly recommend that before you purchase 5 houses, that you purchase one and test out just how much time and effort you are going to have to put into the type of arrangement you are planning.

 

[Zigner]

You're still going to need approval from the city for your boarding house business(es)

 

[tranquility]

If I understood the OP correct, the OP owns five homes that they want to generate rental income from. It would be prudent for each LLC to own a home.

What advantage is there to that when it seems the activity is the risk?

 

[Zigner]

By "share", OP means "pay for the privilege of sharing a house with others." Check the post hx on this one folks

 

[conflict101]

I believe anti understood my intentions. Putting the house as its own LLC limits any liability to that individual house. What if liability went over the good amount of insurance I have then my other assets are still in reach. As far as getting approval ifrom town its a simple use and occupancy.

 

[conflict101]

It is no longer considered a boarding house zig as long as no more than five people. My history has nothing to do with my future

 

[Zigner]

I believe anti understood my intentions. Putting the house as its own LLC limits any liability to that individual house. What if liability went over the good amount of insurance I have then my other assets are still in reach. As far as getting approval ifrom town its a simple use and occupancy.

If op's got the resources to buy 5 houses and rent them out, then op has the resources to consult with a local business attorney.

 

[Zigner]

It is no longer considered a boarding house zig as long as no more than five people. My history has nothing to do with my future

Ok, then it's a multi-tenant rental property.

What town/city/whatever is this so that we can review your local ordinances?

 

[conflict101]

What code do you specifically need. You have already established your disdain for me so I'm not going to give you my town. Too small. A few are already annoyed that I brought it up repeatedly at public meetings. But the attorney agreed with my insane reasons as to why it should be changed. I don't no how it happened but it did and they never even told me. I found out just last night when they updated the web.