Let's break down the pros and cons of each approach:Forming an LLC in the State Where the Property is Located:Pros:Compliance with Local Laws: Establishing an LLC in the state where the property is situated ensures compliance with local regulations and laws specific to that jurisdiction.Legal Clarity: It provides clear legal jurisdiction and may simplify any legal proceedings related to the property in that state.Perception: Operating with a local LLC may give tenants and local authorities confidence in your commitment to the community.Cons:Additional Costs: Setting up and maintaining an LLC in another state means incurring additional registration fees, taxes, and possibly hiring local legal counsel.Administrative Burden: Managing multiple LLCs across different states adds complexity to your administrative workload, including extra paperwork and compliance requirements.Tax Implications: You may face tax obligations in both the state where the property is located and your home state, potentially leading to double taxation or complexities in tax filings.Managing Through Home State LLC:Pros:Simplified Management: Handling all properties under a single LLC streamlines administrative tasks, reducing paperwork and simplifying tax filings.Cost Savings: Avoiding the need to establish multiple LLCs in different states saves on registration fees, legal expenses, and ongoing maintenance costs.Consistency: Uniformity in management practices and legal structures may contribute to efficiency and ease of operation across your real estate portfolio.Cons:Legal Exposure: Operating out-of-state properties under a home state LLC may expose your personal assets to the laws and liabilities of the other state, potentially diminishing the liability protection the LLC offers.Compliance Challenges: You'll need to ensure your home state LLC meets the legal requirements for conducting business in other states, which could involve additional filings and fees.Perception and Credibility: Some tenants or local stakeholders may prefer dealing with a landlord who has a local presence, which could impact your reputation or relationships in the community.Ultimately, the decision depends on your specific circumstances, risk tolerance, and long-term goals.

As many investors are aware, a cost segregation study is a very beneficial tax planning tool that can create a very quick ROI.

But, there is a cost associated with collections.

Renting out the house doesn't sound like it will make money or break even every month, once you account for vacancies, maintenance, increases in tax/insurance, and turnover costs... unless I'm wrong there? 

You'll also hear people talk about cost segregation & depreciation, which are great, but not everyone is in a position where they can maximize the benefits of depreciation.Also bear in mind that it doesn't need to be either-or.

My thought would be househack with minimum cash contribution, force some equity, then do a rate/term refinance roll in costs and get refunded your escrow balance and another $2k at closing. 

I know I could drive all over the place and price shop and save money, buy my free time is worth more than the savings- most of the time. 

For a free financial software program also adaptable for real estate ownership you can use WAVE.   

I acquired a townhouse in 2022 on a small street of about 40 other homes.  I was initially told there was an HOA but eventually found out it's not active and there's a lady who lives somewhere on the street that pays ...

I guess it comes down to whether or not I can save for both - down payment and costs for my personal residence as well as an investment property.