Forming an LLC - Memphis Investor Living Out-of-State

[Phil Petite]

Hi BP! :)

General question here: I invest in long term rentals in Memphis, but I live out-of-state in NYC, so I was wondering if anyone had any general advice about starting an LLC in my situation.

Would you form the LLC in Tennessee or would you recommend forming the LLC elsewhere? Any advice would be great, thank you in advance! :)

[Jordan Ray]

Quote from @Phil Petite:

Hi BP! :)

General question here: I invest in long term rentals in Memphis, but I live out-of-state in NYC, so I was wondering if anyone had any general advice about starting an LLC in my situation.

Would you form the LLC in Tennessee or would you recommend forming the LLC elsewhere? Any advice would be great, thank you in advance! :)

Hey Phil! Do you still have the video I shared with you months ago on how to set up an LLC in Tennessee? Check our chat messages, should still be there. I wouldn't recommend setting up an LLC out of state if you are buying in Tennessee unless your tax advisor is looking to help you on strategy.. but from a numbers standpoint, it really doesn't make sense when you start adding up on all of the annual LLC reporting fees from different states and then it starts cutting into your cashflow. Hope that helps!