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Here is the article on LLCs I mentioned in the video: https://investfourmore.com/real-estate-llc/
Here is the article on the tax advantages of real estate: https://investfourmore.com/tax-benefit-real-estate/
Here is the Law Depot site that can help with creating documents: https://www.lawdepot.com/contracts/llc-operating-agreement/?pid=pg-E9HA79FMEC-llc-operating-agreementtextlink&loc=US
I have an LLC for each of my rentals with their own bank account. It is super easy and cheap to create LLCs in Colorado but every state is different. It costs me $5 a year to keep each LLC going, but it could be hundreds of dollars a year in other states.
I have my flipping business and my real estate brokerage in an S corp. Why do I do that? Because that is what my accountant and attorney advised me to do. We have employees and those are much more complicated businesses than the rental properties.
I also have a lot of insurance for my businesses and properties. We have landlord insurance, liability insurance, and umbrella insurance. You don’t have to have an LLC and insurance can be a great substitute or add on when you have LLCs as well.
Make sure you are talking to your accountants, lawyers, and insurance agents to set yourself up correctly and cost-effectively!