Business Structure for out of state rental properties

[Grant T.]

Hey everyone, i am looking for some advice on the best way to own rental properties out of state and be protected. I have one LLC in Montana where we built our first project but now i am investing in Ohio and plan to build a long term portfolio out there. Will simply starting a new LLC in that state be the best for me or does anyone think there is a better option? Any advice/tips would be greatly appreciated.

Also, thank you to everyone who has responded to my previous forums. Nothing but a bunch of great advice in there and it has really helped me out a lot!

[Robert Ellis]

Quote from @Grant T.:

Hey everyone, i am looking for some advice on the best way to own rental properties out of state and be protected. I have one LLC in Montana where we built our first project but now i am investing in Ohio and plan to build a long term portfolio out there. Will simply starting a new LLC in that state be the best for me or does anyone think there is a better option? Any advice/tips would be greatly appreciated.

Also, thank you to everyone who has responded to my previous forums. Nothing but a bunch of great advice in there and it has really helped me out a lot!

There's no need to form a new entity. depends on lending. lending is more favorable for homes in your name than an LLC. I'd look at transferring to a trust since it can't accelerate a due on sale clause like transferring to an entity can and it's much better for tax planning and long term wealth creation. I wouldn't talk to an attorney like some of the other posters recommended if you have significant assets or a strong net worth I would be talking to a sophisticated wealth tax advisor about long term wealth creation. trusts do not need to be recorded. here is a helpful article about it if you are new to the process and there are some I can recommend in columbus oh

https://legacyassuranceplan.com/articles/trusts/transferring...