Planning my first REI

[Michael Sokolski]

I'm looking for a little guidance from anyone with experience.

I've heard the pros/cons of investing away from home. In my case, (I live on Long island), the only option to invest for positive cash flow, is to go elsewhere. My question is about what type of business to setup. LLC seams to be the overwhelming favorite among real estate investors.

What obstacles would I face setting up an LLC in New York while my property(ies) are out of state?

Do I create an LLC in the other state(s) and what problems might arise from that?

Do lawyers know the laws in each state or would I be better off finding them in each state?

I’m ready to begin my journey into Real Estate Investing and look to join the ranks and share my experiences. Any other advice for a first time investor would be much appreciated. I’ve learned a lot by reading the boards here and will continue. I’ve gotten a decent amount of money to get started (I think) and am trying to minimize my mistakes for my first purchase. I have a few areas in mind and have been looking.