Suppose, I have a home that I want to rent, and it is paid off and valued at about $350K. I am currently living in this home.
Should I sell this home to a LLC ( This LLC to be formed and owned by me), and take loan of about $300K for the LLC, freeing up my cash that I can use in buying a new home or put in S&P500 index. Is that possible?
When I read Should I rent out a home I own outright or one with a mortgage? , I guess I can get substantial benefits by renting my home via LLC as my mortgage interest will directly reduce my rental income. Is that legal and ethical ?