Where to form "Managing Member, LLC" which will be the "sponsor"?

[Daniel Crouse]

Hello all,

I'm just getting started in the syndication business and just finished Gene Trowbridge's "It's A Whole New Business: The how-to bible of syndicated investment real estate"... phew...  

I plan to follow his suggestion and create a "Managing Member, LLC" with me (and possible future active-management partners) as the members. I/We will then use this LLC as the "sponsor" and "managing member" in the "Operating, LLCs" that will be set up for each investment group. I know it is best to set up the "Operating, LLCs" in the state where the investment property is located, but where is the best state to set up the "Managing Member, LLC"?  We live in New York City, but I expect to focus on Florida and Pennsylvania with our first syndications.  

Looking forward to some healthy responses to my first post!

Thanks in advance,

Dan