Thank you for the breakdown on the taxes, real estate, and LLCs. I found it very helpful as I had filed an extension earlier but would have mistakenly used a Schedule C.
However, I do have one situation that you have discounted. I have a single member LLC that i was told would help with protections (I understand the veil thing better now but that\s besides the fact). When I refinanced the Flip into a rental, I used a commercial lender to finance and not a mortgage. The LLC was then required to be the owner of the property as it was a commercial loan (thankfully I had one set up. I had to go commercial because I didn't qualify for a mortgage due to DTI at the time). Once you exceed 10 mortgages, most investors move to commercial loans to hold property, which do require LLCs to be the owner. So you are correct that you cannot qualify a mortgage as a business, but you can use commercial lending to do the same thing (30 year amortized loan).
Would that still be a rental on schedule E? Would I need a 0 income/ expense schedule C or just the schedule E?
Thank you
