California Dreaming (Entity addition)
I've been renting out a single family residence in San Bernardino county California for approx 8 years, and have been relying on insurance as my sole protection.
I wanted to level up my asset protection game by creating an LLC, but also want to invest in other states (specifically the Carolinas).
So I've added complexity where it wasn't needed(potentially)?
I was thinking of starting a Series LLC / Single member LLC combo, with the former holding assets, and the latter as management. Come purchasing time, I can spin up a new cell in the series, and chug along. That's the hope at least.
The rub is, California has turned into an absolute cluster *ahem* to understand.
Ive been meeting with attorneys and CPA's in CA/TX, and in every conversation the following sentence is spoken:
"you'll have to check with a [CPA/Attorney] in [CA/TX] to answer that"
not complaining! That's solid advice
I just need a sanity check to make sure this is worth pursuing, a valid pattern/architecture, and worth the squeeze.
Since I get to create an entity structure from scratch I want to do it right and fully understand what I'm getting into.
I might be over thinking this by planning for too much at once? I just want to make sure I'm actually protected, and don't put myself in a bad tax situation.
Criticisms, corrections, and shaming welcomed, this is my first post here, and will be forever owe a debt of gratitude.