California Residents Owning Out of State Property (Florida)

[Will F.]

So, I've read that if you are in California and own real estate in another state, you must register the LLC in California still ($800/year). I want to buy in Florida. Would that mean I'd have to pay LLC fees/register in Florida ($125/year) as well as registering the LLC in California?

Also I plan on owning this property 50-50 with a trust-worthy family member and partner.  Would the "Operating Agreement" be really necessary or could I just fill out the paperwork?  I've heard differing opinions on this.

We plan on paying all cash for the property so we need the liability covered. I've also heard from people that it's better to invest the money you would in an LLC (which is $800+ per year in California) into some good Umbrella Liability Insurance to cover our other assets as well as the property itself.

Any other suggestions are welcome!