Hi everyone,

I'm new to BP and is trying to set up legal entities to start running rental property business. I did a couple studies but want to make sure I'm getting it correctly.

For structuring the legal entities, it seems the general approach is to form an LLC in the state where your rental property locates, put the property in it and collect rent through it. This provides inside attack protection from a legal perspective. and whether to put one or multiple properties into one LLC depends on personal risk/cost choice.
For outside attack protection we can create a Wyoming LLC as the sole member of the above mentioned local LLC(s). Again whether to create this additional entity depends on personal risk/cost choice.

Is there any misunderstanding above? 

If all are correct, then for expensing business activities like phone bills, business trips for deals hunting and due diligence, etc, do I need to apply one credit card for each subsidiary LLC and use different card when doing business for different LLC? Is there an easier or more convenient way to do it? Can I apply one credit card for the Wyoming holding LLC and use it for all subsidiary LLC's expense? Or should I create a separate LLC (or other entity type) to help run all those business activities and expense everything inside?

Any comments or feedback are welcome. Thanks!