Posted by eric on November 19, 2004 at 09:57:51:
Is this actually your primary residence? I would never advise someone to put their primary residence into an LLC. You will likely loose your section 121 exemption. Also, in most states, an LLC can only be used for “business purposes.” In order to satisfy this, you would need to rent the house back to yourself. It just makes things very messy.
If this is truly your primary residence, it is just not wise to put it in any entity. Trust yes, entity no.