For the LTR outside CA, forming an LLC in the state where the property is located can reduce administrative costs and avoid double franchise taxes in California.

 WE  do both  give me a call and I can explain but depends on where the tax advantage is

If the permanent financing will allow you to recover most of your initial investment and the fair market rent covers the principal, interest taxes, and insurance with cash left over, you have a BRRRR.

But ya have to make some educated prognostications in life.Add this to the information your processing - What your talking about doing is eliminating around $4000 or interest expense (which is deductible anyway so really could be a real impact of eliminating $2800 or so) of debt in exchange for paying over $10K in capital gains tax (don't forget possible state gains tax as well).  

Is taxes going to be higher today or higher in the future? 

You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.4.

Mgt, Landscape/Snow, tax, insurance, utility then debt service. 

Wyoming has no state income tax.4.

5 Tax Mitigation Strategies Every Real Estate Investor Should KnowAs a real estate investor, every dollar you save in taxes is another dollar you can reinvest into growing your portfolio.

Cash out $100K every day for the next ten days to avoid moving the market.