Using an LLC to manage rental property is an excellent way to reduce liability risk, though it can come with high initial and ongoing fees.

If you own one or more rental properties, it's in your best interest to seriously consider placing them in an LLC.

He has started his own single-owner limited liability company. We are planning to move the property into the LLC so that he can use the rental income from the business for his college expenses.

Owning rental property comes with risks, so make sure you own the property in a way that will limit your liability and sync with your estate plan.