Hook

Their other posts in the index, biggest breakout first.
NEVER EVER hold a rental property in just one LLC. One tenant slips on your porch and they can come after everything you own. So do what the richest investors do and build this three-tier fortress. Layer one is the rental property LLC. You set it up in the state where the house sits. So if a tenant sues, the liability gets trapped right there. Then comes layer two, the Wyoming holding company, which is what owns your rental LLC, not you. So if you ever get sued personally, creditors can't touch your rentals because it has one of the strongest charging order protection there is. And layer three is the revocable living trust. It sits at the very top and owns the holding company beneath it. So your whole empire stays out of probate court and your kids inherit everything privately and tax efficiently.