Starting LLC in Indiana as out of state investor

[Alan Martinez]

I plan on buying a rental property in Indiana as an Illinois resident. 

I'm guessing I will need to create an LLC in Indiana?

Anything else I should be aware of tax wise, etc?

[Jonathan Klemm]

@Alan Martinez - I am not an attorney, but I don't believe you need to create an Indiana LLC. I believe you can create an LLC here in Illinois.

Also, you probably don't need an LLC period unless you have a large number of assets to protect. I held and still have some of my Chicago properties in my personal name. I'd suggest putting all your efforts into acquiring the property as quickly as possible and worry less about entity structure until it's really necessary.

Entity structures (LLC, Incorp, etc.) are asset protection not a tax strategy just fyi.