Out of Country ownership
Hi folks -
I'm about a couple of years into REI and own a few properties in AR, TN and TX areas. Never visited the properties - all are managed by different PM companies.
Im getting ready for the possibility of relocating to a different country (home country) due to personal reasons.
I am considering owning these properties for the long term. I have my own set of concerns about this, but wanted to get some additional thoughts/perspectives.
1. Would you say this is an ok thing to do?
2. What are some major considerations?
3. What conversations do I need to have with the PM companies?
4. Given, I'll not have a US mailing address, how will the important communications be addressed? Eg. Mails from county, mails from any legal teams for any violations (if at all), tax documents, etc.
5. Do I get taxed higher for continuing ownership for out of Country?
6. Any other considerations specific to any states?
7. Do I need a power of attorney ( a family relative or friend ? Or the PM company itself? If yes, How do I ensure it isn't misused?
Thanks in advance. I glanced though a few other posts but they were focused on property purchase from abroad. I'm not looking for that - it's more about running a self sustaining business.
Best,
Santhosh