So long as each LLC does not own more than two residential dwelling properties, or more than four dwelling units total, the LLC may require two month’s rent as security deposit.Although elsewhere I have expressed the opinion that placing each rental unit into its own LLC is maybe not necessary for limiting liability, if an investor is subject to the new security deposit limitations, the idea of limiting the number of dwelling units in any LLC to four rental units, now has an added benefit of allowing the LLC to require higher security deposits.Below is the pertinent portion of the statute:(4) (A) Notwithstanding paragraph (1), a landlord may not demand or receive security, however denominated, in an amount or value in excess of an amount equal to two months’ rent, in addition to any rent for the first month paid on or before initial occupancy if the landlord meets both of the following requirements:(i) The landlord is a natural person or a limited liability company in which all members are natural persons.

Assuming  this revenue ruling still stands, it mirrors the SC situation nicely, meaning it would support your acquisition date of the real property not starting until you have taken possession.I think this would be highly dependent on the terms of the local jurisdiction as well, so what might be correct in one jurisdiction, could be completely wrong in another depending on the rights acquired related to the property.But happy to be pointed where I am wrong!

Is it okay to make that investment and wait for a long term appreciation?

@Tricia O'Brien yes I would recommend them and they currently manage two of my SFH properties (long distance investing).

As long as it's reported on your latest tax return then we can evaluate it for income.

You might make a few mistakes a long the way but that's okay!

Details:Address: 4149 Long Dr, Braselton, GA 30517More details on the property available upon request.

Rentals are the best for building long term wealth building.

I grew up in the suburbs of Chicago and would ideally like to invest in IL since my family is still there and can serve as a home base for whenever I need to be in the area, but with IL property taxes being as high as they are I'm also scoping other markets in nearby states.Does anyone have any general advice for buying / investing long distance?

I would also explore the different rental strategies- long-term, medium-term, short-term, or rent-by-the-room.