Rental Property?
Answers:
My husband and I have taken on rental properties and we also flip homes in our spare time. We actually started an L.L.C. to protect from lawsuites and such. We used our names.
I dont see the problem.
More appropriately the street address-rental property would e better, but first discuss it with your bank.
Maybe you should talk to your Professional Tax Person that does your other Tax work. Then you'll be starting off on the right foot.
See a tax professional about the possible state and federal tax implications. Without knowing the specifics of your situation, it is really easy to give bad advice on this.
However, your should also read your state's statutes regarding residential tenancies (renting houses). There may be things you are required by law to do with the deposit, and the statutes can give you a good idea about your rights and responsibilities as a landlord. There may be local ordinances that will affect you as well.
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