Pierce area have some decent options and are not quite as expensive as some of the options in Broward and Palm Beach counties.

or directly to corporation account (afraid that in the event of legal dispute, court would rule commingle with funds between the parent corporation and LLCs, and losing protection as piercing the veil kick in)4 If we do flip few properties, does it justify to LLC the properties right after we purchase them, or we can wait and see (if we could not sell the house, and then LLC it as rental property)5 lots of LLCs are named as their address, just wonder which happens first, setup LLC or purchase the house?

FYI I have no interest in this property, I believe it is REO.https://www.redfin.com/IL/Chicago/1624-W-Pierce-Av...I estimate $50k in rehab to make it livable, $250k to get top rents of $2,200 for 2BR and $3,500 for 3BR (includes duplexing up).  

(Sorry if I am piercing your ears.)

Originally posted by @Matt Pierce:@Jason Palmer agreed!

I just read a great thread on this topic, but am still struggling.I'm looking to purchase an out of state rental property in the 30-45k price range (pending finding a motivated seller) as an income property.Let's start with the LLCIt seems everyone has a strong opinion on this one... it seems that people either say you absolutely must have one, or don't bother because the corporate veil will be pierced immediately and the only real protection is an umbrella policy.What do you guys think?

Even if you have an LLC for each property, though, if the LLC gets sued and the plaintiff can prove that you did not abide by the corporate formalities, they may "pierce the corporate veil," which would leave you PERSONALLY responsible.

Pierce County is a good area to look for rentals and multi units.  

The home is located in Tacoma WA (unincorporated pierce county.)

That seems like a pretty easy way to pierce an LLC.