No, no, and no some more. Create separate LLCs for the rental home and the airplane. As I said to you in my PM, your state may allow for LLCs that do nothing but be a "holding company." Therefore, the LLC doesn't do anything except "own" the airplane. Do not let this LLC own any more money than is absolutely necessary.

To keep it even cleaner and more separate, the LLC pays for things like insurance premiums, jet fuel, maintenance, etc. This means establishing a checking account.

The whole point of these LLCs is to keep things (read liabilities) separate so that someone who is suing you cannot go after your personal assets, only what the LLC has or is worth.

When creating these LLCs, ask your lawyer if you can use his business address. Otherwise, telemarketers will comb over every new LLC and call you about the new credit card service they are touting for the day.

Finally, after this LLC is created, you may want to file a application with the IRS to report your tax return as an S corp.