@Patrick Jung First let me say that it may not be as easy as setting up an LLC to be the acting property manager. Every state is different as far as requirements for a property manager. From the first page of Google:
Must Ohio property management companies have a real estate broker's license?
YES. Key components of property management (leasing and renting) are considered real estate activities under existing Ohio real estate licensing laws. If a property manager is going to lease, rent, list, procure prospects or negotiate, assist, or offer to perform any of those acts, or if he or she operates, manages or rents any building or portions of buildings to the public as tenants (other than a custodian, caretaker or janitor) he or she will need a broker's license. A salesperson working under a broker may engage in such activities.
Now that was my first shot in the dark, so you might need to do some more research.
Second, what is the point of your LLC? If it is for tax purposes then you might want to reconsider. If asset protection you may be jumping the gun a bit. There is a LOT of folks on BP that spout "run and get a series LLC for your 1st property" but you gain very little on 1 or even more. You still have personal assets that can be gone after. Find a CPA or tax attorney and discuss why you are going that route in the first place.
Nothing beats paid consultation. Why go spend a few hundred $$ to create an LLC when you haven't even talked to an attorney? Do you have one? If you are worried about affects from the LAW - wouldn't you consult someone in LAW first?
Or not, could just be my overbearing opinion. Do what you like, but please report the results to us. :)
