BRRRR out of state and refinancing in an LLC

[Angus Yang]

Hey BPers!

I'm thinking of investing out of state, specifically in value add/fixer uppers. I'm planning on using a HML and from the ones I've talked to so far, they require that I borrow within an LLC.

I've got two questions:

1. When setting up the LLC does it matter what state I set it up in? Do I need one for every state that I'm going to invest in? Or even so far as an LLC for every property I acquire?

2. How would I go about refinancing a property I have under my LLC? Would love to connect with any investor friendly lenders on here.

Thanks!