So I just closed on a property in Pennsylvania, and the deed was transferred my name after paying all cash.
It is a duplex that is currently being rented out. There are 3 leases as the garage is being rented out as well. I am planning to rehab the basement to convert it into a full rental unit. It is currently a granny-flat but needs some repairs and improvements. I am planning to have the property managed professionally.
I am wondering if I should start an LLC, and then transfer the deed to the company, or stay a sole proprietor. The conventional wisdom seems to be that an LLC provides much more liability protection in the event of a lawsuit, so that your personal assets outside of the rental properties can't be affected.
What do you guys think?