I'm in Illinois, and plan on doing most of my business in Illinois, but have seen on the forums that I should consider filing in Wyoming, Nevada or Delaware for maximum protection.

Quote from @Paul De Luca: Quote from @Mana Ionescu: I contracted a company to manage and market the property.

In later years when the deductions are slim we always try and utilize the de minimissafe harbor model.

We deal with Escrow companies (Corner Escrow - Chirsty De La Torre) and title companies (First American - Noah Prestwood) as long as you have the correct documents, they can do the transaction for you. 

@Paul De Luca - I'd say the plan would be : - Get this northwoods place sold - Rent the cheapest studio I can find in an area I like, and start learning- Start with one building, be it a 2-flat, or a 4 unit, get it done in a year, perhaps on leverage seeing as I'd be keeping a gigantic nut of cash in case things go south.

Selling the lot next door to your rental property may 'de-value' it but it may also help to increase the vaule over-time as well.

PARTICIPATION IS BIG GOV PROGRAMS (including Obamacare) IS THEREFORE, DE FACTO VOLUNTARY.

I'd look on the outskirts of Columbus trending northish: Delaware, Newark (that's where Intel is building), Willoughby, Dublin, Obetz.I'm about 40 minutes from there

But the Series-LLC are not a novel concept, the first one was formally introduced in the state of Delaware in 1996 - one can make the case the lack of cases is a testament to the strength of the Series-LLC.I doubt a top real estate attorney with extensive experience in asset protection for high net worth individuals will charge you only $300 for an LLC.

We are leaning away from the house given the risk and also how this de-values the house if we wanted to sell in the future.