My question involves a condominium located in the State of: Florida
I live in Colorado, and own a condo in Florida. I rent the Florida condo out, and will probably continue to do so for several years until eventually I move there and occupy the condo full time.
I have an imperfect/ incomplete understanding of LLC's. I've gathered that forming an LLC for this condo would provide a barrier for me if, for example, a tenant slips and falls, then sues. Having the condo as an LLC would limit my potential loss to the condo it's self, and not anything else I own.
Is the description above fundamentally correct? What are other benefits/ costs of forming an LLC for this purpose?