Where and when to incorporate?

[Dave Versch]

Hi. I live in NJ, and I'm looking at buying a rental or two in upstate NY. I haven't formed an LLC yet. I think it'll be best to form one per property owned, but does it matter which state I incorporate in, NY or NJ? Should I maybe incorporate in a different state altogether?

Also, I can either finance or pay cash and then refinance. (I would consider the second option just to make the transaction go quicker.) If I finance, should I form the LLC and then apply for the mortgage as the LLC, or should I get the mortgage in my name, make the purchase, then form the LLC, and transfer title? What about the second option? If I pay cash, does it matter whether I form the LLC and then refinance as the LLC, or should I refinance first, and then form the LLC?

Sorry if I seem confused. It's only because I am.

And finally (for now), can I have the property in the LLC name and the mortgage still in my name? Is that advisable?