I wanted multifamily originally but found the lack of inventory and high prices a big obstacle.

A lot of people are moving out of California because of the pandemic, lack of economic support, and high taxes/cost of living. 

The other benefits, or lack of, have been covered by the previous posters.In all seriousness, I would not waste your time, money, and effort on an LLC just yet.

Hi David,Call Chris Okeson at Busha-Okeson Insurance Agency. 216 766-6300

During Covid, many of my CAD counter-parts who had portfolios in the US had a very hard time due to lack of communication.

Personally, I think the taxes are high and the services you get for your taxes low there.I know people that invest in Detroit but you must know the area down to the street and have excellent property management.However, I just talked to my CPA today about a referral he was sending me who is a client of his that has 30 rental properties in Detroit and selling them all because the City doesn't really help, charges for everything, and they never have given a security deposit back to a tenant after they stayed because of their behavior or lack of payment.

Agency Multifamily Small Balance Loan Rates (05.31.24)-Ian 

That process created more unnecessary work and several issues for not only the members of the LLC but also for the states’ regulatory agencies.

Also, I lack familiarity with the construction loan process and what protections that may be in place (if any) to prevent FIG and their builders from going over budget on the project. 

Ive had person after person contact me in DMs that had lack of everything needed for this business and were not serious in any way.