Got my first out of state property in escrow. Now what?

[Ron Sohn]

I'm no longer a tire kicker! I just signed papers on the sellers counter offer and I should close in two weeks. This property should cash flow just over $200 a door 12 cap and 20% COCR while accounting for 12% vacancy, 7% repairs, 7% capex, and 10% management. Monthly rent is 1.6% of purchase price after $10,000 in improvements.

This all started with "vacuuming my truck" and I'm glad I did it. But now I'm trying to set a business up in such a way to shield myself from personal and professional liability while minimizing my tax consequences. Now I know that asking for tax advice is touchy subject here, and I will perform my own due diligence, but I would like to know how other people have structured their businesses. 

Here are the basics: 

-I live in the tax happy, restrictive, God-forsaken heathen state of California (for the next 10 years).

-The investment property is Indiana.

-All revenues will be re-invested into the business for the first 2-3 years.

-I would like to add one or two properties to my portfolio per year for the next 9 years.

Questions:

1.) Initially, I wanted to setup a "Member" LLC in NV (or WY, or DE with a lawyer resigning as the "memeber" leaving me as the sole shareholder). I would then create another "Manager managed LLC" in Indiana managed by the Member LLC. This would be a costly structure but would protect me from both inside and outside liability while creating anonymity. Ultimately, once I have scaled, I think that the cost of two different LLCs could be absorbed, but with only one property, is it worth it? Is there a modular organizational structure that can expand affordably and offer asset protection?

I found out that as of last year, Indiana is now a "Series LLC" State but I'm somewhat apprehensive about using this structure as there is only 1 year of case law. Can anyone shed light on this type of LLC? As long as my manager collects rent in separate accounts, will each cell truly be isolated from each other?

Since I will not be taking any distributions for the first couple years, what would that do to my CA tax liability? I'm talking to my accountant on Wednesday, but I'd like to go in to her office with some semi-intelligent questions. Thanks for any input.