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Updated over 9 years ago,
DE Series LLC & each series for properties in respective state
Hello,
Having dealt with properties in 5 different states in over 6 years, owned/lived, flipped, and some rented and now one Lease option with R20), I am still struggling with how to structure entities that really works. Particularly when I enter another new market.
Having read about and researched some about Series LLC, they are all specific to individual state. for ex, DE, TX, IL etc.
However I would like to know if anybody can point out or help with the following.
Setting up a DE series LLC and for transactions in each state, FL, TX, CA, MA etc, have one each series per state. The state specific entity will deal in everything within that state, be it flip, wholesale, rental or development, etc.
Having worked in IT jobs for long time and realizing that one skill mastery can only take you so much further, and in today's scenario one has to be master of some and jack of all, adopting it in RE as well, but structuring the business in terms of liability and protection has be the pain in all corners. I know many folks only concentrate in one location and may not face the questions I have.
Still want to put out my scenario and see what experts ( or not ) have to say. Appreciate any advise or points.
Thanks.