All Forum Posts by: Jay Kysha

Living outside of Cleveland now, id like to keep this as local to my area as possible for management purposes starting up 

I would really appreciate that. I figured these questions right off the bat would be best directed to an attorney or CPA. Can you shoot me some info in my inbox? 

I am outside of Cleveland for reference

Hey everyone - finally decided to join up after listening to a fair amount of podcasts on my travels. Looking to get involved in building a small residential portfolio to eventually combine in an aggregate sale for one small apartment building. Both my wife and I have full time careers and are looking to build some passive / long term wealth. We are living in Ohio, but are from Connecticut and likely be returning in 2024. Looking for some insights on my thoughts below regarding out of state operation, and tax purposes / registration of vehicles etc. Glad to have found the forum portion of BP. Thank you all 

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My wife and I are living out of our home state for the next five years, and are looking to establish an LLC to run a property management business through. Our five year plan is to own five to ten two or three family homes or one or two apartment buildings to rent / maintain for tax purposes / depreciation / write off's against our 9-5 annual income(s). I have a model established, and this is a feasible possibly, but am wondering about the tax liabilities we would have after we move away from our physical portfolio.

We currently live in Ohio, and will be moving back to Connecticut in five years. I would obviously like to hold these properties should they be performing as I plan on doing a 30 year mortgage up front with possibility to refinance to a shorter term up front to pay everything off asap / avoid market fluctuation as best we can. 

My questions are:

Would we be able to claim residency in the state of Ohio while living in CT full time with an established LLC here? What are the stipulations for claiming full time residency while living in another, I know a lot of folks do this with Florida as their primary residence but the law is cracking down on it.

Would I at least be able to keep my truck (registered to the LLC) for personal use in CT full time, with Ohio plates? (Looking to avoid emissions in CT as it is a diesel truck).

Thank you in advance for any insight / advice with this