Newbie strategy question & Account for Alexandria VA Rochester NY

[Scott Long]

Hi BPers,

I am a Newbie and this is only my 2nd post. My first one led me to my realtor who then led me a real estate attorney and gave me some great feedback. However, I still have not found an accountant to answer some questions that will arise. I have reached out to a couple. It was recommended by the attorney to have an accountant who practices in both states as I live in Alexandria VA and will be investing in the Rochester NY area. Looking at properties very soon so trying to get my ducks in a row and team together.

My questions is this, do out of state investors recommend this as well and Should the accountant be located in the state I live in, Virginia or the state I am investing in, New York?

One accountant told me that Virginia will give me a credit for NY tax but didn’t explain any further.

I am not sure if my next question is for an accountant or an attorney (will be emailing the attorney after I post this). If I close on a property under an LLC and pay all cash but then want to finance a couple months later to pull money out. Does that money have to stay in the bank account for the LLC to use or do I personally have access to that money? My situation is I am able to take a loan out of my government retirement account at a very low interest rate which goes back into my account with no penalty. This will only cover about 15% of the property but it would be ideal to pay it back after I finance the property. Then when I want to buy another house I can borrow the money from retirement account again but only after the first one is paid back.

Thanks in advance for all your help.

My first post if you are interested or want me details or my background

https://www.biggerpockets.com/forums/55/topics/556...