Who would be the General Partner because that will be the person who will be on the hook? What state are you buying the apartment building and how big is it? I have learned the hard way about asset protection both from the partner and the potential lawsuits of others. Email me privately and I probably can direct you in the right way. realtordrk@hotmail.com
A friend and myself are considering purchase of an out of state apartment building. We have been advised to place said property into an LLP. We have also been told to organize that LLP in the state where the property is located. Anyone have anything to add that would maybe help us avoid costly mistakes?