Some advice

[Carlos Silva]

I currently own three properties, two duplexes and one single family. Which I would like to transfer title to create three separate LLCs, Is that the right way to go. I live in California also heard that it would be wise to set up a corporation and Nevada and make it a partner with the LLCs.this sounds very overwhelming and not really sure what should be the first step and financially if it makes sense to do all that. Or should I just set up a corporation out of Nevada and just put all three properties under that. Also if there's any tax benefit in do this since I'm being nailed on taxes. Thank you any advice would be most appreciated

[Steve Vaughan]

I don't have any residential property in LLCs. I heard CA has an $800+/yr fee per LLC. They get you if it's in another state, too. I would just get insurance, but that's just me. I am not a legal or tax adviser.

I do put my 5+ unit multi's in LLC(s). No problem financing or insuring commercial property inside a business entity. Residential can be a nightmare. Cheers!