If you are a landlord, you should not own investment property. You should own an LLC that owns an investment property!
While we at Campus Handyman are not legal advisors, we can advise that all landlords (heck, all people) should have a relationship with a quality business attorney. Ask your attorney about personal ownership vs the use of an LLC. Take notes!
Many people believe that they do not need to have a relationship with an attorney because they have never needed an attorney. They mistakenly believe that until they have a need, there is no reason to cultivate a relationship with a legal advisor presently.
This is what we call the “Junior Varsity” mentality and it’s incredibly wrong (and naive!) Don’t be on the JV team – step up to the Varsity team. Act like a winner and a winner you will become. Winners think ahead, winners have a vision. Part of your vision should include an understanding and expectation that at some point, you and your business will have a need for legal help.
Common sense should tell you that it’s better to have a relationship with an advisor long before having an urgent need for his or her advice! Lawyers are simply one of the many weapons in our small business arsenals. Our job as the landlord or entrepreneur is to surround ourselves with as many quality weapons as possible and then to use them wisely! As the cliche states, ‘it’s better to have a weapon you don’t need than to need a weapon you don’t have’.