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Updated 10 months ago,
Forming LLCs for properties in different states?
Hey folks, I'm super new to LLC forming and the whole legalism (pros and cons) of its own. Long story short, right now I don't have an LLC yet but currently have a rental property in Texas and soon will be renting out another one in Virginia. Neither of these is yet under an LLC. I'm curious to hear from a distance investor (or multiple states property owner), or Lenders that are familiar with this matter that should I form 2 different LLCs in 2 different states? Or should I form just one LLC (not sure if this is even possible or legal)? Also.. I understand that I must get a confirmation (or concurrence) from lender that I'll be transferring my personally owned property to an LLC so that it won't trigger a due-on-sale clause when the transferability happen. Thank y'all for your inputs!