Tax question for out of state property.

[Kristopher Kelly]

Hello All Of BP,

I will keep this short and sweet. I am moving out of state (Delaware) and moving to a new state (Florida) and am leaving a condo that I am renting out. The condo will rent for $300 pure cash flow once rent it which I am excited about. My question is how do the taxes work on a rental that will eventually be out of state for me? And how would you set it up? For example, should I talk with a CPA and open an LLC, and put the condo into the LLC? Or can you obtain tax benefits without an LLC? I know this might be easy questions but I have never heard it talked about. Also, do you open a separate bank account and run all funds for the property in that account or is there a different way? I know there is a bunch of questions but I appreciate the help if anyone seeing this post has insight on this.

Thank you all for the help and hopefully hear from yall soon!

[Kristopher Kelly]

@John Sharpe

Thank you for the help, sir! I will do the same then. I will contact a CPA that is familiar with this. 

Thank you for your help and have a great rest of your week!

-Kristopher Kelly