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.

Ironically, before the last modifications of the forums were implemented, BP invited the main contributors to each forum to participate in a conference call with CEO Scott Trench to give feedback about the changes.

The plan is to conduct mold inspection and remediation after the tenant moves out and then re-rent the property.

they usually have an inspection thats conducted .

Does anyone know of any Multifamily Seminars or conferences scheduled in the near future for the Wash,DC or Richmond areas?

Just jumping into a conference right now but as soon as I can, I’ll get on my laptop and pull all of the data necessary. 

I wish to bet you the study they conducted featured upgraded windows, doors, and insulation. 

There are a number of guidelines the IRS has for performing a proper cost segregation study (which will pass in the event of an audit) Here is the link to that list on the IRS website:Cost Segregation Audit Technique Guide - Chapter 4 - Principal Elements of a Quality Cost Segregation Study and ReportI have never seen a DIY before, but I'm sure people do it.Depending on the size and type of your property the fee for engaging a qualified engineer-based firm to conduct the study can be as low as $3,000 (lower in certain cases), and the significant benefit created well outweighs the minimal costs.

I was out of town at a conference when an old business partner "went hard" with $10K on a property.

I'm not seeking to oversimplify or underestimate the complexities involved, but rather, I'm genuinely excited by the prospect of navigating and overcoming these challenges and starting a new career.I informed this person that I preferred to conduct my own research before engaging in further discussions.