Does LLC have to be state specific?

[Gary Miller]

Hi all, I'm a new investor looking for a deal to go in on with an existing business partner (bar business) of 10+years, my first and his second deal.

I will be doing my own research on this but perhaps the forum could help get the ball rolling. If and when we set up an LLC and we buy an OOS deal, does the entity have to be registered as doing business in the state where the property is located. I'm in NJ he is in NY, we have a fairly wide net area wise, looking for ideally multi family. Any other potholes in this road we should be forewarned of? We will obviously be doing our own research and due dilligence, but insight from the hive mind is appreciated.