I will, however, explain my rationale for not using an LLC in my personal situation:1) Due on Sale Clause and Conventional FinancingI believe that the benefits to using conventional financing with it's low interest rates, long (30-year) terms, and low payments outweigh the likelihood of devastating personal liability in a litigation setting in my personal situation.

Seems like an easy questions, but can't seem to find it on the forums already....For an out-of-state rental I'd like to purchase with conventional financing, do I need to find a mortgage broker in the state the rental is in or can I use a broker in my home state? 

I'm finding deals (mainly SF) on the MLS (with lots of offers and lots of rejections) returning over 20% cash on cash (with 20% down conventional loans).

I'll probably just do a conventional or standard FHA loan and do the rehab myself for my first property.

An infinitely better loan product for the first time buyer is the 5% down conventional loan.

A lot of the super easy deals are gone, more folks are renovating homes, there is less inventory, and people are willing to take tighter margins. 

Essentially a fix and hold strategy.However, even if the property doesn't need any fixing, you can use hard money as a bridge loan, season it for 6 months, and then refinance into a conventional loan. 

I have two banks that I can get a good conventional loan through although I have not gotten an official quote yet.

Therefore; the properties are considered inventory and your income is calculated as selling price less inventory(which is purchase price of property, rehab costs, property taxes etc) less holding costs.You may be subject to ordinary income tax, self-employment taxes and state income tax.

I'm from the area and I've been slowly trying to build my buy and hold empire using conventional lending.