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Start a rental property LLC

Put your rentals in an LLC.Keep each property protected.

Our office forms your rental property LLC in any state, gets the EIN, sets up bookkeeping by property in QuickBooks Online and prepares the tax returns, while our agency quotes landlord, umbrella and building coverage.

Start my rental property LLCGet an insurance quote

Reviewed by Orkun Ozkaymak, CPA, MBAClients in all 50 states and abroad

$500company setup, EIN included
50 + DCstates we form companies in
1 officeformation, taxes and insurance
2011preparing taxes since
Step by step

How to set up a rental property LLC

  1. 1

    Form the LLC and get an EIN

    Our office forms your LLC, usually in the state where the property sits, and gets the EIN. Many owners use a separate LLC for each property or small group of properties.

  2. 2

    Title the property in the LLC

    New purchases can close in the LLC name. For a property you already own, talk to your lender and attorney before recording a new deed, since many mortgages limit transfers.

  3. 3

    Open a bank account for the LLC

    Rent and expenses should run through the LLC account only. Keeping funds separate helps protect the liability shield and keeps tax records clean.

  4. 4

    Insure the building in the LLC name

    The policy should name the LLC as the insured. Our agency quotes landlord or dwelling fire coverage, commercial property for larger buildings, and an umbrella policy.

  5. 5

    Set up bookkeeping and taxes

    Our office sets up QuickBooks Online with a class for each property, tracks depreciation and prepares Schedule E or the partnership return, depending on how the LLC is owned.

Filings and prices

What our office files for you.Prices shown before you send.

Pick what you need on the request form. Ozfield's fees are shown here; government fees are passed through at cost.

  • Payroll and state unemployment setupPayroll accounts, state unemployment registration and your first payroll.
    Quoted by our office
Company setup is $500 plus the state fee, EIN included.
The request form adds your filings and shows the full estimate as you go.
Build my estimate
Insurance from the same office

Coverage in place on day one.Quoted by our agency.

Check the coverage you want on the request form and our insurance team sends quotes from multiple carriers. Nothing is bound without your OK.

Start my rental property LLCGet a quote only
  • Landlord (dwelling fire)
  • Commercial property
  • Umbrella
After you open

The filings that come every year.

Our office keeps these on your calendar so nothing is missed. How we work with real estate investors →

Partnership returns and K-1s

March 15. Form 1065 for jointly owned property.

Form 1040 with Schedule E

April 15. Or Form 1040-NR for nonresident owners.

Form 1099-NEC

January 31. For contractors and property managers you pay.

1031 exchange deadline

180 days after sale. Replacement property must close within 180 days, identified within 45.

Questions

What new owners ask us.

Something else on your mind? Call 773-536-9272 and our office will help, in English or Turkish.

Should I put my rental property in an LLC?
An LLC can keep a tenant claim at one property away from your personal assets and your other properties. It works best with its own bank account, lease and insurance policy in the LLC name. Our office forms the LLC and sets up the books, and our agency quotes the landlord and umbrella coverage.
Can I transfer a property with a mortgage into an LLC?
You can record a deed to the LLC, but most mortgages include a due-on-sale clause that lets the lender call the loan after a transfer. Some lenders allow it with notice, and some owners refinance in the LLC name. Check with your lender and a real estate attorney first. Our office forms the LLC so it is ready when you close.
How is a rental property LLC taxed?
A single-member LLC is usually disregarded for federal tax, so rent and expenses go on Schedule E of your personal return. An LLC with two or more owners files a partnership return, Form 1065, and issues each owner a K-1. Our office prepares either return, plus any state returns, and tracks depreciation for each property.
Do I need one LLC for each rental property?
Not always. Some owners use one LLC per property for the most separation, and others group a few properties together to keep costs down. Some states also allow series LLCs. The right setup depends on how many units you own, the risk at each building and your lenders. Our office walks through the options and forms the LLCs you choose.

Ready to start your rental property LLC?

Answer a few questions, see your estimate and send it to our office.

Start my rental property LLC773-536-9272