Owning Property In a Different State Regarding LLCs

[Kiara Thompson]

I live in Arizona and I am looking at purchasing properties out of state (around the mid-west and / or the far north- western states) and I was wondering whether I can hold the property under an Arizona LLC or does it have to be held the state I purchase the property in (ex: under a Mississippi LLC or Indiana LLC)? Or are there different state laws that explain this based on the state?

[Susan Maneck]

You realize you don't need a LLC period? My mother has one because she holds real estate in her self-directed IRA which does require an LLC. I don't think any state requires that an LLC be in the state in which you hold property, but state laws vary as to whether then you have to register as a "foreign" LLC. As near as I can tell you don't have to in Mississippi, but check the state laws where you intend to do business.