New Late Start OOS Investor - concerned about assets/need LLC?

[LaShon Evans]

Greetings BP Community from the frozen lands of Soldotna, Alaska. It's a small rural area about 3 hours S of Anchorage- not exactly a hot RE market, but we love living here and my husband has a fabulous job with about 12-15 years left in his career. I'd love to shorten that for him a bit with REI or just make it a bit more comfortable when we get there. I'm just getting started on this journey but am hoping to make my first deal in the next 6 months. My initial thought is LTR single family or small multi, though I'm not opposed to short or med term rentals.

My primary question has to do with LLCs.  I've seen several posts about them not being necessary at the beginning of this process.  Is that true even if you already have significant assets? My husband is a physician and we have a couple homes, stocks, other investments, etc.  I worry that a disgruntled renter could see potential deep pockets if they did their research.  Can you share some good learning resources for that aspect of things.  Is that my first step? I don't want to risk what we have built, just because I got impatient to get to retirement. 

The other overwhelming thing is just nailing down which market.  Travel isn't easy or direct for me to anywhere- though the excuse to visit somewhere warm is always tempting during the winter!! We have some family connections in Kansas City, Indianapolis, and Provo/SLC Utah which has made me look there a bit.  But I really see this as just business-  I want the best market I can get into.  Also, for those who invest OOS, do you find one market you specialize in or do you tend to bounce around and cherry pick from markets in several locations? 

My next 3 months are devoted to learning, practicing analyzing deals, etc.  So, what helped you be ready to make your first deal? I truly appreciate any thoughts and suggestions.

Best wishes, 

LaShon Evans