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Updated over 5 years ago,
Using a land trust and LLC for asset protection
A little preliminary information.
I currently live in Los Angeles, CA. I have zero debt and enough cash saved for a down payment on a SFH. I'm looking for out of state properties in GA and AL. The long term goal is to acquire 8-10 properties over the next decade to diversify my investments and have revenue for retirement. I work full-time at a W-2 and have a side hustle and so setting this all up to be passive as possible is important.
So in this early stage, I want to create a solid structure that is streamlined, offers protection for liability and offers tax advantages for somebody living in CA.
Getting to the point...
At this stage of the game, is creating a land trust in conjunction with an LLC overkill? Or should I just take it under my name and use basic home insurance until I acquire a handful of properties then move them into a trust/LLC for protection?
Any guidance is greatly appreciated.
Thank you!