Anyone buy a home with Out of State LLC for Liability Protection?

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Submitted by earlyretirement on April 3, 2011 - 10:06am

I read a few past posts on this forum about buying a home with a trust but I didn't see anything about buying a house with an Out of State LLC (Nevada or Delaware) for asset protection, liability protection and privacy reasons.

Has anyone done this? Was it easy? I read this article online:

http://www.aoausa.com/Articles/2010/Febr...

I'm scheduled to talk to this lawyer that wrote it, but before I do, I'd love to hear some opinions and thoughts on it and the pros and possible cons of doing this.

I know many people set up living trusts in California but that doesn't seem to get around all the possible liability/asset protection issues. But setting up an out of State Delaware or Nevada LLC with the sole purpose of buying your primary residential property seems like a good strategy but I'd love to hear some chains of thought on it.

Thanks in advance.