Property under LLC - Tax and Banking Implications

[Jenny Tai]

I'm considering purchase a property using a LLC.

I'm hoping to get more clarification on the following questions:

1. How would the income and expenses from LLC be taxed for each member of the LLC?

2. Are there special requirements to set up a bank count and have the LLC as the owner? What are the best way for each member to contribute capital to the LLC?

3. Do we need a different LLC if the properties are located in different states?