Q: If I want to buy a property in Virginia to rent out, do I need a Virginia LLC or am I ok with a Wyoming or Delaware LLC?

A: If you open a foreign LLC to do business in Virginia by owning and renting property in the state, you will need to register the foreign corporation or LLC in Virginia. You will not be exempt from Virginia sales or other taxes on the Virginia income. So, you will pay corporate franchise tax in both states. Unless you can enunciate a significant benefit to foreign entity creation (and there are a couple, but they probably don't help you), why do you want to pay more tax? Seek Virginia formation counsel.

A: Mr. Sternberg is correct - you have three choices: 1) own it in your own name; 2) own it in your Wyoming LLC AND register that LLC in Virginia (for about the same cost as forming one) or 3) form a Virginia LLC and own it with that.

Some gratuitous advice: many years ago a real estate developer told me "Never own property you can't drive by and look at once a week'. Many times over the years since that advice has proven correct by issues my clients have had.

A: If you don't already have an LLC to work with and you are only interested in buying and renting or flipping property in Virginia, a Virginia limited liability company should be all that you need to protect yourself. If you formed an LLC in another state for whatever reason, you would still need to domesticate the LLC in VA and maintain a registered office here. This would result in yearly fees to the state of formation and VA. Always seek legal counsel for further discussion and information.