Thank you for your question. Different expert here. I look forward to working with you to provide you the information you are seeking.
If you are taking this on as a second home for investment reasons and you will be renting it out, the best way for tax purposes is forming an LLC and owning the house in the LLC. The reason for this is that all of your expenses on that house, including interest, insurance and repairs/maintenance
then become a deductible business expense as does travel to the house to check on the property. The LLC also protects the house from being attacked by any creditors and protects you from being personally liable for anything that happens at the property.
Your other way to do this is in an irrevocable real estate
trust, which provides maximum protection from any creditors of yours and also avoids probate issues and allows the house to pass to your heirs in the event of your death without probate or without estate tax issues.
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