Legal Question in Real Estate Law in New Jersey
me and my sister own a home, as an inheritance in RI. we live in NJ. we need to set up something/bank account, LLC or whatever so we can put rental income checks into and have it separate from our personnel accounts. what is the best way to do that? Here in NJ or in RI. We both live in NJ but the house is in RI. It is a beach house we both use, but want to rent out to pay bills
1 Answer from Attorneys
I recommend that you post your question to Rhode Island so that you make contact with a lawyer who practices there. Landlord/tenant law is very jurisdiction-specific. In NJ, for example, a security deposit must be held in an NJ bank. I expect that RI may have a similar law. If the property is in RI, the applicable law will be that of RI. Since you are not familiar with RI laws, you may also wish to engage a property manager to help you.
See also: http://info.corbettlaw.net/lawguru.htm
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
