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Updated over 7 years ago,
Buying first properties and out of state
So I will try and make this as short as possible. I live in California in the glorious Bay Area, lovely place to live but not so much for first time investors.
So I am looking to invest in two markets outside my own Dallas TX Area and Central Florida. These two areas because I have dear friends who run successful construction businesses in these markets whom I can trust implicitly.
My main question is I understanding the purpose of setting up each property in its own LLC and I have owned my LLC here in California for 4 years and pay $800 a year for that privilege (sarcasm). Am I able to set up LLC's in the states I purchase the properties? Or would everything need to be run through California?