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Rookie property owners with investment property (college rental), need LLC advice

Hello Zillow community,

We and my partner just bought an investment property in the state of ny that we will be renting out to college students in the fall.  For obvious reasons, we are in the process of getting an LLC and transfering the deed from ourselves personally, into the LLC. 
My partner and I are based out of NJ and were wondering if we would be making it harder on ourselves by creating the LLC in NJ, which is outside of where our investment property is located.  We are aware of the additional complications involved with creating an LLC in NY ie- advertising fees and on the surface it seems like it would be easier to create out of NJ.

What are everyone's thoughts on this?  I appreciate any and all responses!

Best,

The Newbie :)
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August 24 2010 - West Caldwell
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Answers (1)

This is totally a lawyer &/or tax professional question. In order to answer your question, it will depends on the taxation and incorporation laws of both states.

Agents and investors probably aren't the best resource to get this answered.
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August 24 2010
 
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