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Updated over 5 years ago,
Setting up an LLC for first Rental
Hey All,
So a first time real estate investor finally looking to make a jump. I have a few questions I was hoping some people could provide a little insight to. I currently live in Philadelphia but would be purchasing a property in Ohio. Does anyone have experience dealing with setting up an LLC (foreign?) that is associated with their rental property. I believe a foreign LLC is required because I live in PA but would "operate" in Ohio, is that correct? Would this be beneficial for tax purposes as well? Also, is there any input on S-corp or C-corp?
Is the set up process fairly straightforward, or would it be beneficial to seek someone out for assistance setting it up?
Any other additional input would be great!