Buying out of California

Hey all, living in California and buying in another state.  

What safe guards do I need to put in place for buying outside California. I'm buying with my sister-in-law and need to think of ways to protect ourselves or myself. I don't want to have a problem with one of my properties and then losing everything I own. I thought about LLC or corporation but see from other blogs that its a cost I don't need to endure.

Thanks

Craig