If you were me....

[Robert D.]

Soo... I hate to resort to this type of question but I have read and read and read and read and then Ive read some more on the subject and in fact am still reading on LLC & CORP with their different tax designations. There is alot of different information as well as disinformation out there, so I will just put myself out there to see what you would do if you were me :) I strongly feel the need to protect my assets more than ever. I need to finally pull the trigger on this.

My pertinent info:
-I own 3 rental SFR properties, all free and clear :D worth approximately $450k
-I live in a 4th property which is mortgaged
-I live in California :/
-I also have a regular job

Primary goal: asset protection
Secondary goal: increase tax advantages above and beyond my current sole proprietor status

As a side note, I would also like to hear your thoughts on LLC'ing in wyoming/nevada/wherever else you can think of and how that model would or would not work in California as a foreign corp seeing as how "strict", for the lack of a better word, it is here in California.

My entity/entities of choice would protect me from inside liability as well as outside liability. And of course I would like the most that I can get in tax advantages.

So lets see what you REI Gurus can come up with and at the same time offer great experienced advice to my badly confused self ! Thanks in advance. I look forward to some great reading !