Single vs multi-member LLC for husband/wife in non-community property state
Hi everyone
Trying to set up a LLC for our first rental property in NC. I wanted to keep it simple and form a single member LLC. Wanted to form it with both me and my wife.
From my research it appears that I cannot use the Qualified Joint Venture to form a single member LLC for husband+wife, because I live in NC which is not a community property state.
1. Should I open a multi member LLC? I would rather not due to more complexity and cost
2. Open single member LLC under myself and then put LLC interest in a trust so that my wife can gain control if something happens to me?
3. Any other options
Appreciate the advice!