Partnership in Cali, Indiana Properties, Which Legal Entity Best?

[Tyler Haskell]

Hoping someone may have some advice:

We are a three person REI partnership, all partners live in California.

We invest in mostly Indiana properties.

We are trying to accomplish a couple of legal goals:

1. Protect each asset against itself legally (Individual LLCs?)

2. Provide partnership protection (California LLP?)

3. Avoid paying ridiculous $800 per year or higher legal fees for California entities.

The attorney I spoke with recommends one California LLC, and to put all Indiana properties in that LLC. He also stated that because the income has to run through California taxes anyways because we are residents here, it makes sense to have one California based entity.

Meanwhile, Indiana LLCs only cost like $100 bucks vs $800 in California, and we would have to re open title on all properties to amend. This sounds like an expensive option. We have also explored making a Nevada or Arizona SERIES LLC, or even an S corporation, but were advised against it.

Any recommendations or thoughts would be greatly appreciated!