LLC for Out-of-State Multifamily Investment and Refinancing

[Jude Irudhayaraj]

Hello BPs I am closing a MF prop in Ohio but I live in Michigan. I already have an LLC that holds some SF prop in Michigan and that LLC is registered as a Michigan LLC. Now my question is - Is it advisable to create a new LLC registered in Ohio for a MF Prop I own in Ohio or Use an existing MI registered LLC to hold the new MF Prop. What is your best advise / smart approach in this case? And Why is that a best approach?

Addtional Information: This is a Seller Financing with repay ballon in 10 months. I am planning to refinance after seasoning period as well, Please advise my LLC Questions in terms of Refinancing aspect as well?

[Bjorn Ahlblad]

It does not need to be a local LLC many people use Delaware to set up LLC's and incorporate companies because the laws are friendly. Or SD, and Nevada due to zero corp tax.