I have an LLC for a rental property, Then we purchased a piece of property with a home that needed to be torn down. We paid cash did not put it in the LLC. We sold the property and bought a condo using the proceeds. The Condo will be a long term rental. A property management company will be managing both rentals and all rental income will be going into the LLC. bank account.
My Questions are:
1. Shall I add the vacant lot to the LLC or open a new company. If I should add to LLC what are the steps to do this and record all the expenses, insurance, property taxes, cost of tear down the building, etc.
2. Shall I add the Condo to the LLC, or open a new company.
3. And how to i keep all expenses seperate from each other for P&L purposes.
I hope that I have explained this sufficiently and not confused it more than necessary.
Thank you in advance for any help provided