I've got a similar situation (live in WA, buying property in GA). I'm also not completely clear on out of state tax implications.
@John Parshall @Steve French
Doing business across multiple states within 1 entity requires you to apportion the income among the states. Each state has different rules on apportionment. Apportionment factors factor in Sales(rental income), Property(Building & land) and Payroll.
John in your case - You will need to research how Georgia requires you to apportion the income. Georgia shouldn't tax 100% of the income.
John - one thing you may want to look into is that even though Tennessee does not have a state income tax - they do have a franchise/gross receipts tax that you may be subject to.
One other thing to factor in is that your LLC will need to register with the Secretary of State as a foreign LLC in the new state that you do business in.
I recommend that you set up a Georgia LLC for your Georgia property. That will make it easier for you to track your income and expenses.
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