Hello,
I previously had the 1st floor of my house listed on airbnb, until my boyfriend (Joe) moved in and we wanted the house to ourselves. Joe's boss owns the apartment complex that Joe was living in prior to moving in with me, and his boss agreed to let us use the apartment as an Airbnb listing. It's a 6 unit building and we plan to take over the other leases in the building and make them into Airbnb listings as well.
Being this is unique situation, I have been having trouble figuring out how to go about this.
1st question, should we create an LLC? I don't want to personally pay all the taxes and have the income all in my name, so my thought is by having an LLC, I will have an easier time doing my taxes for the Airbnb every year. Especially if we take on additional apartments, I can see the expenses and income being much easier under an LLC.
2nd question, and this might be a dumb one, but do we really need to worry about insurance? I always assumed that if I had any damage to my property, I would take up any issues with the Airbnb resolution center. Am I totally wrong there / do I need to have specific insurance to cover airbnb on my own?
