I would consult @Jeremy Galloway before making that decision.

To succeed, consult with a local realtor or property manager, split utilities/responsibilities, and explore niche rental platforms like Hipcamp.Good luck!

Consider if it will truly benefit your tax position, liability protection, or asset management, or if it will just add unnecessary paperwork.If you’re in a state like California, keep in mind that you’ll have to pay $800 annually to the Franchise Tax Board, file a periodic Statement of Information (SOI), and submit a Beneficial Ownership Information (BOI) report.It’s a good idea to consult a real estate attorney to ensure you’re making the best decision for your specific needs.

(Yes, I understand comments provided are simply educational, I will consult with an attorney before moving forward.

Plenty you can do, even at 15.I think a guy your age for example could develop a nice small business of iphone consulting. 

Have you consulted a financial advisor?

Trying to figure out the optimal strategy that will provide liability protection, proper estate transfer at death, and other strategies that can benefit their tax situation.I have my ideas, but want to consult with someone who has estate and tax planning experience in CA.

This is something to consult with an attorney about.

I’d recommend consulting with attorneys experienced in both Illinois and Wyoming laws to ensure everything is set up correctly.

I would recommend consulting with an attorney to find out why you would need a separate LLC for each property.