Other than that distinction without delving in to the tax structure of the entities and their respective corporate formalities, you can own property out of state in both entities, just make sure to register that entity in that state as a foreign entity, which will also subject you to that particular state's taxation regime. 

They can help you identify deductible expenses, navigate the distinction between capital expenses and deductible expenses, and ensure you take advantage of all available tax benefits.

@Erin Wilging Submarkets in this instance would refer to areas within the city that are distinct from one another in many respects (economics, schools, crime).

Tenants are not likely to draw that distinction, nor are they likely to stand up to their landlords and threaten to sue over root intrusion vs. a sanitary napkin claim, and they will do all sorts of things to try and clear that "clog" and not call a plumber or their landlord but we get stuck with the thousands to tens of thousands of dollars to address the aftermath. 

Fort Worth is geographically quite large and has very distinct different pockets that need to be paid attention to.

The distinction is essential because it affects how your profits are taxed.

“The courts apparently agree that the meaning of the words "trade or business" is uniform throughout the Code provisions here considered…No court has made an explicit distinction between a "trade or business" authority under one section of the Code and another under a different section.

Except in my case, I own 100% of both companies, although I will say they are very distinct operations; I'll also add that there is a legitimate need for an office for my S corp, whereas the LLC is a small rental portfolio that doesn't need an office.

He holds the distinction of being the youngest licensed agent in the State of Florida when get got licensed.

The court will pierce the veil when the LLC is being used to do something illegal or if there is no real distinction between the owners and the LLC.