I live in Colorado and have a rental property in California. I wish to create an LLC for the rental business. If I create my LLC in Colorado, do I also need to create a foreign LLC in California and pay their $800/year "LLC annual tax", in addition to paying California income tax for the rental revenue that was generated in their state? I'm hoping that I don't need to pay California income tax PLUS their $800/year LLC tax PLUS Colorado income tax -- if so, then an LLC may be prohibitively expensive.
Lastly, if I need to create a foreign LLC in California and pay their $800/year fee, would I have to do a similar thing for any other state that I might buy a rental property in? Or can I (I'm hoping) have just a single LLC in my home state where I live, pay my home state's LLC fees, pay income tax to the each state for revenue generated there, and to my home state for the aggregate of income, and not need foreign LLCs and additional LLC fees & taxes for each of the individual states. Thank you.
