Tiered LLC vs LLC/Revocable Trust (Liability or Identity Issues)

[Rusty McGeehan]

I reside in California and am organizing myself to invest out of state. I have several markets in mind, but I have not decided which state I will be investing in. I plan to create one or more LLC's in the investment state to hold title to the properties (the operating LLC's). What are the pro/cons of holding the operating LLC's in a separate LLC (formed under a state that allows for owner anonymity (WY, NV, etc)) vice owning the operating LLC's in a revocable trust (formed under CA law, with me as settlor and trustee)? It would be cheaper to establish and manage the structure without the middle holding company LLC, but I may be missing a big "gotcha" if a black swan event occurs.

I appreciate any opinions or advice.