If you buy an out of state park, where did you incorporate - in the state where the park is located or your home state? With a single owner LLC, income flows to the owner so does it matter?
you do business in the state, your LLC needs to be registerd in that state, or as a foreign entity in that state
it matters at a state level - revenooers want their bite
Have to register with the state no matter where you incorporate.
So, the question still stands: are there advantages incorporating in one state or the other?
Yes; there are BIG differences between states as far as how expensive it is to operate an LLC in that state and the tax rules governing LLCs in different states but until we know what states you are talking baout there is no way to make a comparison. There are several things you need to look at before making this decision, such as cost of setting up and operating the LLC, tax laws, forclosure laws, and reporting requirements. The ONLY people who can answer this question is a lawyer/accountant versed in those particular states.
Maine park, Connecticut resident
What if you are an out of state investor that lives in Hawaii, but my home state residence is Virginia and the mobile home park I bought is in Savannah, Tennessee?
I hear AZ is a good state to incorporate because of favorable taxes.
There are benefits to using multiple corporate structures when holding a physical asset that you are also managing. First of all to establish fire-walls for asset protection, second is to chose how, when and in which state to receive the earnings (if any) to balance/minimize taxes.
Personally I use a combination of land trusts, LLC