Out of State Investing: Several questions for those who do it.

[Jonathan Tea]

Currently living in California. Young but eager to learn. I have several questions. Assume you've found a property in another state, a turn-key property. It's listed as $75,000. I come up with a downpayment of $15,000 (20%).

Could I get financing in CA or would I have to get financing in the state the property is in?

Would it make sense to start an LLC if I don't plan on making real estate my full time job? What's the best method to take full advantage of the tax benefits of real estate.

I assume I'd have to pay state tax to the state that the property is in. Would I need to pay state tax in CA as well?

Are there any major questions that I'm not asking?

Thanks!