LLC in a different State

General Real Estate Investing
1

I have 2 questions:

I bought a house in Fla thinking I was going to move from Ill there, then I didn’t. It is now rented out and I kinda got thrown into the investing think. Now I want to buy another, Do I need to get my LLC set up in Fla where the property is or in IL where I live? Also the 1st house was bought under my name and title is in my name, how would I get the mortgage, and title changed to the LLC or can I even do that?
Any help would be great:
Thanks
Antoinette Stefani

2

depends on the difference between IL taxes and FL taxes.

transferring title with a warranty deed is easy. You can’t transfer the mortgage (you don’t own it). It will stay in your name unless you refi into the LLC’s name.