•My California LLC serves as a holding company for my out-of-state LLCs that own the individual properties.This structure keeps things organized while ensuring compliance with both states’ regulations.As for your bonus question, it depends on how the property was purchased.

I did not end up pulling the trigger on any of them for that reason.

In Phoenix, I might call up a friend who invests in mixed-use properties south of Roosevelt Row, and that friend might know a local title rep who’s been working with out-of-state buyers who like to pull the trigger fast.

I am sure someone has worked out the best workflows, triggers, messaging etc....

I’ve always wanted to renovate my investment properties, but it’s so hard to pull the trigger.

I'm a licenced Broker and I also handle project management for flippers, contractors, etc.FEMA 50% Rule: ALL of the homes that exist in a Flood Zone have a 50% limit on work that can be done to repair them without bringing them into compliance with current flood standards.

@George JanIn my opinion, there isn't as much regulatory compliance or liability with something like a municipal bond.

But it is the lowest down payment option, and likely the lowest rate option as well. one tidbit - condos don't usually like the STR piece, so make sure to do your DD in whatever area you're looking to buy in before puling the trigger. 

This setup ensures that I stay in compliance with California’s FTB requirements.

Your attorney or CPA should be able to create tax efficient structure for you.To avoid this, keep management and decision-making localized to Alabama, and consult a CPA or attorney to ensure compliance with both states' regulations.This post does not create a CPA-Client relationship.