Quote from @Ashish Acharya: @Allende Hernandez Great question and it’s one that comes up a lot with new landlords who want to make the most of their tax benefits.To clarify: putting a property into an LLC does not, by itself, create new tax deductions or unlock passive losses.

It's hard to make a recommendation not knowing some of the above questions, but much of this is what is discussed in passive investing communities once you get to know the people in the group.

Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Why is Property Class so important for investors to understand and apply in their investing strategies?

@Vivek Srinivas why do you want to invest out of state?

Common syndicator game of throwing out huge returns when other funds are going under because they want you to only look at that shiny number and not what their past performance has been@Chris Seveney 25.7% Annualized Return / 21.7% IRR.This was my first passive investment and yes I was under educated, naive and attracted by the expressed returns. 

We have invested with family over the years, and we're looking to make more investments.

"Passive" real estate investing strategies are more for storing wealth, not generating it. 

There is an unfinished basement that I will also be finishing, so I would love to hear any recommendations, advice, or lessons learned on that as well.I'll be looking to build my portfolio and invest in more Real Estate after I finish renovating my current home and will be looking at both in-state and out-of-state investment opportunities.

I would also make sure you have plenty of reserves. airbnb arbitrage is not exactly what I'd consider passive.

., cleaning, concierge, hotel-like operations), orRunning a business like flipping or wholesalingREPS simply allows rental losses to be treated as non-passive, so they can offset other income like W-2 or business profits.