See the 2020 aerial view below.Very little undeveloped private land is left in the Las Vegas Valley, and desirable areas cost more than $1 million per acre.

However, I have some concerns about the potential costs involved in mold remediation, especially if it requires tearing up drywall.I'm considering whether I should inform my insurance company to see if they can cover the damage.

Who pays the closing costs on these deals? 

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.

This can be in the form of cash, paying their agent fee, part of their moving costs, etc.Remember, the goal here is to end the lease peacefully and legally, respecting both your rights and those of your tenants.

If anything it complicates things and costs you more money. 

I'm considering moving out of state when I retire and am factoring in health care costs in the future. 

You just really don't want to take this on if you can avoid it because you will automatically be in the hole with not only a non-paying tenant but the out of pocket costs of the eviction, which can be substantial.

Yes water and sewer are commonly paid by the owner, but you can always charge the tenants a $75-$100 water surcharge fee every month to help offset some of those costs.

You will want to also look into a cost segregation for your STR.