Still new to all this. I own 2 new rental properties in my personal name. 1 in TX (LTR) and 1 in FL (STR). I live in NY. Should I create separate LLCs for each property in the states they are in, or should I create 1 in the state I live in and file each as foreign entities in the states they are physically in? Do I need 2 separate LLCs or is it ok to put in just 1? Thanks in advance!
Another option is to file in NY and have it own the LLC's in TX and FL.
However, if you are properly insured, what advantage do you think there is by placing one property in an LLC in two different states. Might be best to leave sleeping dogs lie.
Tip: Don't get caught up in the "Liability Trap" that says property must be in an LLC, that's what liability coverage is for.