Asked by John Marc, San Francisco, CA • Sun Aug 10, 2008
since I'll be working in both San Francisco and remotely at times in Miami Beach. I'll be having a family member live in one bedroom after purchase. I'm wondering if it's best to buy under a single member LLC vs holding title in my name? The reasons of a potential single member LLC is for piece of mind when I'm gone in case of any potential damage caused (extreme e.g., my family member burns the unit, damages another unit, etc.). Also eventually I may rent the unit occasionally during times I'm not going to be in Miami Bch. Looking to talk to a CPA/RE atty soon to discuss pros and cons of both while talking to lender since I've been approved myself, but not under a LLC. Questions I'm looking to clarify are around taxes, LLC costs ongoing/location of LLC - CA is terrible, best asset protection, just getting liability insurance if title just in my name vs single member LLC). Any suggestions/expertise would be appreciated. Eventually I may relocated full-time to Miami Bch as well
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