Rental property LLC question

[Tim B.]

I am buying my third rental property and want to hold this one in an LLC. I live in SC but the property I am buying is in NC (we plan on moving back to NC eventually). My question is: If I register my LLC in SC where I live, can I hold NC property or do I need an LLC registered in NC or both? Also, should I be my own registered agent or do I need one in NC where the property is located?

[Timothy Maloney]

@Tim B. While I agree an umbrella will provide essentially the same asset protection as an LLC you will only need to pay for the LLC once. Presumably you use a cpa for your taxes (or soon will) so the additional expenses of having an LLC will be negligible.

Once you have 5, 10, 15 or more properties you will NOT want all of that debt in your name. You can borrow in the LLC name and even get non-recourse loans (no personal guarantee). There are 100 other reasons to form an LLC but you'd be best served to talk to your lawyer.

Your LLC can be based in any state but it would be best to base in your home state.

Good luck!