Finally, it is important to consult a local attorney who can advise me on the legal aspects of purchasing such property and answer any questions I may have in regards to potential liabilities associated with owning it.

Hello there,It's my understanding that the LLC alone does not offer you protection, it merely separates you from your business, hence the limited liability aspect.

However, if you want to learn how to use them strategically I'd recommend you contact an experienced qualified intermediary. 

If there's some city developments/improvements that are going in, or if there's upzoning that I can take advantage of in the future I'll be looking for those things.I also have to have a walk-in equity position where I can force appreciation through rehab.If a deal has those three aspects to it, I'll do more due diligence on it and probably take it down.

An LLC also offers flexibility in management, taxation, and other aspects of running a business.

I agree it seems like it is one of the harder aspects of OOS investing!

The Los Angeles real estate market may be a difficult one to navigate, but with some strategic planning and savvy investment decisions it is possible to achieve success.

You will probably design every aspect of your rental business to give you Real Freedom. 

The other big benefit to an umbrella is it protects you against all aspects of liability risk, people get so worried about rental properties, when by farrrr the biggest risk is auto related. 

There are almost no aspect of real estate that I have not been apart in my 10 years in the real estate business.