I had a client who bought a home with the intention of STR but did not read the CC&R's that stated no rentals shorter than 6 months.

As you stated it will protect me from lawsuits.

Because I am relatively new to investing, I do not have the funds to buy any property in this area, which is why I have started looking at out of state investing.

Louis where I should be looking into especially if I will be investing from out of state (LA, CA).

We have 100k in cash, looking to get a long term rental property out of state.

Every state will be different. 

Hey @James Carlson, so when you say 3rd or more properties, is that in the state of CO or any/all properties owned by the investor?

The first thing to consider in CA an LLC will have a $800 per year Franchise State Tax fee.

California is a big state.

Accountants are in such demand, that the best are not even accepting clients half the time.The other problem I see often with accountants on here is that they specialize in larger investors, and have really high prices when you as a smaller investor do not need all the bells and whistles.Another thing I see is folks thinking they need to have a tax professional in their state.