I’d like anyone’s input regarding buying investment properties out-of-state, and the best approach to do it. I realize it ultimately depends on specifics, but any “you may want to do this” to help me would be good.
A month or so back, I decided to start looking at properties out-of-state in an area I grew up. I also have many relatives still living there, so I thought I’d check around. Turns out, I found several good deals. One is a 6-unit apartment that will cash flow nicely (yes, even using propertymanager’s 45-50% rule).
What I’d like to do is create an entity in the state I currently reside, which will own this and other properties I may find in the area (and if it gets too large, create another entity, and so on). I’d probably get financing with a personal guarantee, but the entity would hold title. Anyone have any advice as to how to approach this, what to look out for, and if this is the correct approach?