Dec. 9, 2025
Why Your Rental Property Should Be Owned by an LLC
Today we’re diving into a topic every real estate investor—big or small—needs to understand: Should your rental property be owned by an LLC?
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Good afternoon, Michiganders, and welcome back to Tuesday with Tom
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Michigan's Only podcast, where we talk about estate planning, the
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state settlement, and everything in between. As always, I'm your host,
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Tom Doyle, a state planning attorney, lifelong Michigander, and your
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guide to planning for the future. Will a brief recap
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of our last episode, The I r S announces increased
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gift and a state tax exemption amounts for twenty twenty six.
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So if you're concerned.
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About gift taxes or federal estate taxes, you're wondering how
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much you can give away this year next year without
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having to worry about gift taxes, I invite you to
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listen to my last episode, well today's show. Today's show,
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we're going to be talking about why your rental property
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should be owned by an LLC. It's a topic that
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is important if you own rental property or you're considering
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owning rental property. And the short answer isn't really why
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it should be owned because the short answer to that
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is generally in most cases yes, But the better answer
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is why, and that's what I will be exploring today.
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But please remember what I'm about to discuss is as
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always meant to be for educational purposes, is not intended
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to be legal advice. You need to work with your attorney,
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your financial advisor, and your tax advisor to determine what
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is appropriate for you and your planning. Why your rental
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property should be owned by an LLC, Well, start with
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what an LLC is and why it matters. An LLC
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if you're not familiar with it, that stands for limited
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liability company. It's a business entity that you create that
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can own things. So you can create an LLC that
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owns a business, you can create an LLC that owns
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real estate. And in this case, what we are talking
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about is an LLC that is created to own your
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rental properties. And why would you do that? Well, think
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of the LLC this way. It's really like building a
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legal firewall. What you're doing is you're taking a rental
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property that is in your name and you're changing it
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so that it will then be owned by your LLC.
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So if someone sues your rental business, or if a
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tenant gets hurt on the property, and that's the most
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likely scenario that we are already always talking about, ask yourself,
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if somebody gets hurt on the rental property.
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Who gets sued? Well, right now, if.
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You own the rental property, you are the one who's
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going to get sued.
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However, if your.
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LLC owned the rental property, then your LLC is the
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entity that is going to get sued. And why is
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that important? Well, if you get sued, everything that you
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own is potentially at risk, your home, your personal savings,
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your personal investments, other assets that you might have. But
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if the LLC gets sued, only what the LLC owns
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is at risk, which in this case is the apartment
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or the home that is owned by your LLC. So essentially,
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without the LLC barrier, you're personally on the hook for
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anything that goes wrong. So the basic concept of having
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the LLC is to create a firewall, if you will,
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between yourself and your LLC and thereby protect your assets.
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And so, I mean, let's be.
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Honest, Rental real estate can certainly be profitable. A lot
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of clients have rental properties that we deal with a
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lot of times clients might inherit properties from parents and
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they concern consider changing those into rental properties. But you
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also have to be aware that having a rental property
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has risks.
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That go along with it.
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Maybe it's now it's wintertime, it's December, it's icy out there,
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it's cold. A tenant slips and falls on the icy
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steps on your rental property, you will get sued unless
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that rental property is owned by the LLC. Or maybe
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you're going to have some work done on your rental
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property and a contractor gets injured by maybe repairing your roof,
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or you have a fire, maybe someone gets hurt in
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your property because of the fire, or maybe you have
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fire that damages a neighbor's property. Another example commonly is
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a tenant's guests. So you've got tenants, it's a holidays,
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they have guests over, and somehow they get hurt on
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your properties. Well, without an LLC, your personal bank accounts
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and assets could now be targets in recovering any judgment
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that would be entered against you in a loss. So essentially,
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the concept behind having the LLC is to limit assets
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that are owned by the LLC to simply the rental
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property itself, so that in that case, if there was
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a judgment entered against your LLC, the only thing that
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is at risk in that LLC is the rental property itself.
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Now for some people and not for everybody, though, having
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your property owned by an LLC does give you a
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little bit of personal privacy protection because in that case,
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it's going to be the LLC's name that shows up
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on the deed. So anybody doing a public record search
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is not going to find you're the owner of the property,
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but it's in fact going to find that your LLC is.
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The owner of the property.
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So in that case, you are generating or creating a
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little bit of privacy protections for yourself. For some people,
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that's an important consideration of any estate plan that they
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put together is maintaining their privacies. So there's some of
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the additional I guess advantages that can come about by
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having the LLC. It is a pass through, at least
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in Michigan, pass through as far as taxes are concerned.
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So contrast that with a corporation. You could have a
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corporation that would own your rental property, but now you
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might be subject to double taxation where the corporation is
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being tax on income and then you're being taxed as
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a shoulder shareholder.
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On distributions to you.
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Well, an LLC is what's considered a pass through taxation entity,
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so that any net income or loss at the end
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of the year is going to appear on your personal
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tax return, which is a way that you end up
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avoiding taxation which would occur if you had a corporation.
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Another consideration for you there was part of your overall
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estate plan is when it comes time now to transfer
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if you will, interests.
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In the LLC.
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Maybe you've got an LLC created and what you want
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to do is now gift part of the LLC to
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children as part of an estate planning structure, or maybe
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at the time of your death the LLC is going
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to be distributed out to multiple children. Well, you can
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make that cleaner by having the ownership of the property
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in an LLC by appropriate documentation. There's another advantage that
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we can do with LLCs in Michigan, and that is
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we can transfer LLCs upon our death without them having
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to go through probate and without even having to have
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a trust. So you can have a tod of your
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LLC similar to if you think of investments, or maybe
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you've got transfer on death provisions on your investments, or
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transfer on death provisions on a bank account, whatever happens
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to be. And I have had previous episode of Tuesday
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with Tom where I do talk in more detail on
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how the tod or transfer on death works with an
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LLC in the state of Michigan. Now, something though, if
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you already have property and you are now thinking about, hey,
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what if I take my existing property and I change
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my existing property so that it is going to be
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owned by NLLC. Well, if you have a mortgage on
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the property, you've got to be very careful because you
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can still transfer ownership of property that has a mortgage
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to your LLC, but in doing that, you might run
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a foul of any do on sale clause that is
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in your mortgage, and so you'd have to make sure
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you're checking with your bank to be sure that that's
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not going to be a problem with you if you
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want to look at transferring your existing property into LLC.
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Another concern.
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Another concern though, is this in Michigan, in many cases
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we're dealing with what we would have capped property taxes,
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where property taxes are not being increased if you will
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until there's a transfer of the property. Well, generally speaking,
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in Michigan, transferring your property from you to an LLC
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is likely going to be considered an uncapping event, and
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so there's a whole analysis that one has to go
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through relative to property taxes. Now, let's say you have
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more than one property, and this is a question that's
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always asked of as Tom, I've got five homes, and
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I understand the concept of creating the LLC and the
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advantage of creating the LLC. Do I need one LLC
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or should I have multiple LLCs? So let's think about that.
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If you've got five properties in one LLC and there
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is a judgment entered against that LLC and somebody is
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going to try collecting on that judgment, now they're going
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to be looking at collecting that judgment against what five properties.
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Those are the properties that are all owned by the LLC.
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On the other hand, if you were to create five
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separate LLCs with each LLC only owning one property, you
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are limiting the exposure of the properties to just want
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and so that's part of the analysis that you have
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to go through when you're looking at having more than
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one LLC when you've got multiple properties. Now, sometimes it's
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not as big of an issue. Let's say you have
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fully financed and you really don't have equity.
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In your other properties.
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You might consider not going with multiple LLCs, depending upon
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long term what your overall plans are with the apartments
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or the buildings that you are going to be maintaining
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and keeping for a period of time, and certainly you
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have to it's a cost benefit analysis.
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In the end.
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There are certainly going to be costs in setting up
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your LLC. Somebody is going to be paying an attorney
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normally to have the LLC created, and whatever operating agreement
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is going.
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To be needed.
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You will have in Michigan in annual reporting fees to
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the State of Michigan, it's.
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Not very much.
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Twenty thirty dollars in that ballpark is what you're going
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to be paying to the State of Michigan. But again
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be careful, as I mentioned before, you might have an
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uncapping of property taxes and that itself might cause a problem.
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I've got a client that I'm working with right now,
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and it seemed very simple.
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They said, well, we're just going to create an LLC
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and we're going to transfer the property in the LLC
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and then we're going to distribute out interest in the
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LLC to our children, which sounded so easy to do.
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Create the LLC, have a deed prepared for the property
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transfer it until until they reviewed it with their tax
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advisor and discovered that doing that would be uncapping property taxes.
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And this happened to be property that they have owned
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for a very long time that has a very low
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for property tax purposes a tax value in uncapping the
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property taxes in that case would be a tenfold potential
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increase in the property taxes. So you do there are
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some certain things that you have to be analyzing. And
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another thought is you always we always start when we're
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talking with clients. Even if you're going to look at
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having an LLC, you always want to start with insurance though,
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because you want to make sure that in the front
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you are adequally ensured if there was a claim to
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be made against you or a claim to be made
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against your LLC. So there's a whole insurance issue that
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needs to be analyzed as well. But the LLC is
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an additional benefit of trying to protect your assets in
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the event that there is not adequate insurance to cover
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the loss.
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So owning your mental property through an.
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LLC can be a simple, most effective state that you
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can do to protect your wealth, to reduce your liability
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and operate it like a true business. Now you have
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to be mindful though, when I say operate it like
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a true business. You have to treat it as a
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separate legal entity. So you can't just be paying your
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own expenses out of the LLC using your own checkbook.
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For the LLC.
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You have to set it up so it has its
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own checkbook. You have to set it up so accounting
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is appropriate for that LLC, because if you don't, if
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you choose not to treat the LLC as a separate entity,
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in the case the LLC does get sued, you might
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find a situation where the judgment creditor is able to
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what we call pierce the corporate veil, which is essentially
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going to court and saying, hey, judge, they didn't treat
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it as a separate legal entity, so we shouldn't have
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to treat it as a separate legal entity, and we
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should be able to go through the LLC and get
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the assets of the individual. So you need to make
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sure you're treating it as a separate LLC.
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