1st out of state rental property questions

[Kirsten Wright]

Hi everyone. I am in the process of closing on my first out of state (Tennessee) rental property. (Sept 8 is expected closing date) I have a few questions. I am doing my research on setting up an LLC and one thing I read about is choosing a registered agent to deal with the paperwork once it is set up. I also read that it is not necessary. 1. What is your view on being my own registered agent? 2. Should I set up a bank account in the state I have my investment property? Does it matter? 3. Is it wiser to pay a lawyer to set up my LLC or is something like Rocketlawyer.com sufficient? 4. I have people I know in Knoxville but I know they are busy with their own lives. I was listening to a BP video learning about the Rentredi app that is included with the Pro membership. (which I have) I am debating managing this myself but want to ensure I don't fall "victim" to any huge monetary mistakes of a newbie. :-) I am already compiling a list of handyman, HVAC, etc with the help of my friends that own properties in the area. I am trying to figure out if I should suck it up and just pay a property manager for now or handle myself. What has been your experience as an out of state landlord? I appreciate any and all feedback. Thank you!

[Jaron Walling]

100% what @Bjorn Ahlblad said. Unless you have local connections you'll need a PM company to help you. Without a quality PM you'll bite the bullet over and over again. Screen the PM company. Meet with them in person. Ask the detailed questions before signing a contract. 

Dealing with people is challenging. Enforcing a lease requires a strong backbone. There are hundreds of thread posts about PM, screening tenants, writing leases, etc. Read as many as you can.