Visitor III

Rental LLC


I plan on converting my primary home to a rental in Ohio. I owe no mortgage and the property belongs to me. I will be purchasing both rental liability insurance and umbrella insurance. My attorney also suggests getting the property into an LLC but recommended I check with a CPA for tax implications. What type of LLC is most tax advantageous that I should have the attorney set up? Can I depreciate an asset with LLC? What are the pros and cons please?