Generally, you can not sell or buy an asset from yourself and recognize a gain or loss. 

The county appraiser does not recognize bank foreclosures as a legit sale. 

In regards to Series LLCs and states that recognize them or not, the issue comes down to each specific state recognizing the "internal liability shield."

Some of the quoted comments I recognized your profile pics.

First of all, for criminal (trespass) purposes, we don't recognize "tenants."

You are wiser than most in recognizing that you don't know what you don't know.  

Usually you would need to have the LLC registered in the state where the property is located as your entity needs to be recognized there to be able to act in court (like for an eviction).You may get around it by using a local property management company that would be the local entity representing you.If you use a foreign LLC, you would probably have to foreign register it with the state, and it costs usually around the same as having a new LLC in that state.

I've taken a few paid courses to learn techniques new to me or to get familiar enough to recognize an opportunity if it presents.

I can't help but observe that success in this case would've had a lot to do with not buying into crowd psychology and jumping into a hot market - instead it would have depended on recognizing value and having the discipline to hold through a tough market.I have no issue with buying value... and there is certainly real value in the Bay.

As there are other types of commercial liability coverage (workman's comp is an example you may recognize the name of), let's just be clear on which type of liability we are addressing below...