And you use a cleaning lady who spends 5 hours to reset the property for the next guest.

On average, you will spend 10% of your income on maintenance per year.

This gives much better diversification protection across geographies, asset types, strategies, investment subclasses etc. versus putting all the eggs into one basket.The downside is that it's not for everyone, and a person has to be comfortable with turning over control to someone else.

Additionally, there typically are additional state protections (outside of the agreement) based on where the fund is located.

@Kyle Kulhanek To retitle your Chicago condo into an LLC for liability protection, start by forming the LLC with a clear operating agreement outlining ownership and responsibilities.

This means you can sell, lease, or pass on the property as you see fit, just like any other property owner.Full Ownership RightsYou have the same rights as a Mexican property owner, including the ability to sell, lease, transfer, or mortgage the propertyLegal SecurityThe Bank Trust is a well-established legal mechanism in Mexico, ensuring your investment is secure and protected under Mexican law.Renewable TermsThe trust is set up for 50 years and can be renewed indefinitely, allowing you and future generations to maintain control over the property.Estate PlanningThe trust makes it easier to pass the property on to heirs, simplifying the inheritance process and reducing potential legal complications.Although the process might initially seem complex, it is entirely managed and supervised by a reputable banking entity.

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

This gives you a more realistic picture and protects you from unexpected surprises.

@Chris Lin,Thank you very much for spending time with me on the phone last night. 

Take the money you would be spending on filing and additional costs and put it toward an umbrella policy.