Corporate Veil: Courts tend to respect the corporate veil (the legal distinction between the LLC and its owners) more when the LLC is properly formed and operated in the state where the property is located, reducing the risk of personal liability.4.

So, since this is a ranch that he sells hunts under his LLC, the ranch can count toward being an investment property as well as a primary residence?

Take ownership of your mistake and learn to do the proper due diligence recommended above😊

Or what is the proper way to deal with it?

Hi, I have been on Biggerpockets and reading all the information i can get.We are getting ready to buy our first out of state investment property and looking in Austin.Looking for advise on which area is better, RR looks to be closer to the tech offices and some parts have great schools however Pflugerville is not too far either and schools are not abysmal like in proper Austin and the prices are lower.

Take ownership of your mistake and learn to do the proper due diligence recommended above😊

We sold a property that we'd held for about 5 years and will use the funds to pay down some debt and hunt for the next 1-3 properties. 

Don't be surprised if they MAIL you a rejection back stating that some parts of the application weren't done properly.

With a proper amount kept in reserves, it’s just annoying.The above poster has implied he has received 24 months payments, only they’ve been late.  

Properly executed, an investment in these types of property can garner substantial passive losses, often equal to the amount of capital invested (or more) even in years where the benefit begins to sunset.A few words of caution: - The tax benefit is valid as long as the gain incurred from the sale of your properties AND the investment with bonus depreciation occur in the same calendar year. - Be careful not to let the "tax tail" wag the dog.