creating LLC for rental properties

[Maneesh Joshi]

Hello,

I live in New York and I am looking to start buying rental properties in the Philly area. I am fairly new to all of this and I am trying to wrap my head around what the advantage/disadvantages of creating and LLC and how best to create one. Is it best to talk to a CPA first or an Attorney? Is it possible for CPA's and Attorneys in NY to be able to give advice for transactions taking place in PA? From what I understand if I move the property to an LLC after purchase I will have to pay double transfer tax. I just want to make sure I have all my ducks in a row before making my first purchase. Does anyone have insight or experience dealing with this?

Thanks,

Maneesh

[Andrew K.]

If you don't have personal assets to protect then why create an LLC? Just get a $1-2million umbrella policy to protect yourself.