Many people like the idea of owning rental properties because it seems like a passive and simple way to earn extra income. Sometimes owning rental properties can be just that, but sometimes it isn’t so passive…or simple!
The checklist below will help you better understand some the challenges and nuances that can arise while owning a rental property. Whether it’s general landlord responsibilities and managing liability risks, or more complex investment, income tax, or estate planning concerns. Some of the key issues to consider include:
- Identifying the extent of landlord responsibilities
- Considerations to protect increased and varied risks
- Income tax issues and sale considerations
- Estate planning considerations
What Issues Should I Consider When Owning a Rental Property?
While checklists and flowcharts can help you identify different opportunities, we are always available to meet with you to discuss your financial needs and goals, and to help identify what the best opportunities are for you.
This content is provided by Windward Private Wealth Management Inc. (“Windward” or the “Firm”) for informational purposes only. Investing involves the risk of loss and investors should be prepared to bear potential losses. No portion of this blog is to be construed as a solicitation to buy or sell a security or the provision of personalized investment, tax or legal advice. Certain information contained in the individual blog posts will be derived from sources that Windward believes to be reliable; however, the Firm does not guarantee the accuracy or timeliness of such information and assumes no liability for any resulting damages.
Windward is an SEC registered investment adviser. The Firm may only provide services in those states in which it is notice filed or qualifies for a corresponding exemption from such requirements. For information about Windward’s registration status and business operations, please consult the Firm’s Form ADV disclosure documents, the most recent versions of which are available on the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov.