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[quote=Anonymous]We own a house in MD with a mortgage balance that is our primary residence. We also used to live in NYC and we own a 1BR condo apartment outright there that we rent out. A relative that has some experience owning real estate and renting it out has told us that we should make our rental property an LLC. Is this better ? If yes, why / what are the benefits ? What kind of lawyer do we need to set this up ? Do we also need an accountant to help manage it ? As you can see, we are clueless TIA! [/quote]
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