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Depending on your financial situation and preferred style of living, there are many advantages to renting: 1  Renting a home can be cheaper than buying a home. 2  You have more flexibility when you rent. 3  Your landlord, not you, is responsible for performing nearly all maintenance and repair work on the property.
Among your top goals as a rental property owner should be maximizing your rent income while minimizing expenses and liability. If you own rental property, one of the biggest advantages of an LLC is that it can help protect your personal assets while allowing you to reap some tax advantages.