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Reside in CA, cash flow properties in other states

Asked by: sean - 13 June, 2012
I reside in CA and have cash flow properties in IN, OH, not in CA. What would be a best way to set up an LLC or LLCs properly?
Answered by: Ray Albert - 14 June, 2012
Sean,

Generally with real estate properties, each property should be registered in it's own LLC, because you want all the properties to be separated from your personal assets, as well as each other.

Additionally, when a legal entity such as LLC owns a physical property usually this entity should be registered in the state where the property is located, either as domestic or foreign entity.

So you can form as many LLCs in IN and OH as you have properties and transfer the titles to those LLCs, respectively. You can own those LLCs regardless of the fact that you don't reside in any of those states.

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