LLC question - OTC properties (tax certificate)
I have a couple of properties OTC and currently have the tax lien certificate. I've been getting advice that I need to setup an LLC for asset protection. I am not sure of the purpose or if this would be beneficial for me now. I would love some direction on the questions below. Again, I'm not sure if this is the direction I should go in. Thanks in advance for responding.
1. Currently reside out of state and I'm not sure what state to form the LLC. Should I form the LLC in the state I reside or Alabama where the properties are located?
2. Since the properties were purchase in my name, how do I transfer them to the LLC?
3. Should I wait until I have more properties to form an LLC? currently have 2
4. Do I need an LLC for each property?