Residing in CA, LLC in WY, Syndication in TX - Challenges?

[Jay P.]

I'm a resident of CA and I plan to invest in a syndication in Texas along with a friend of mine. I talked to a few lawyers and the recommendation was to create an LLC in WY with both of us as members and invest in the syndication through the LLC. A few questions though.

1. Once I register the LLC, how do I get a WY address to create a business bank account? Neither of us reside in WY or TX.

2. It seems like I would still have to pay the $800 annual fee to CA for the LLC as long as I reside in CA even if the LLC is incorporated out of state and holds investments outside CA. Is there a way to circumvent this?

3. I'm told the syndication would generate a K1 for our LLC and then the LLC would have to generate two separate K1s for each of the members. Is this a straightforward process?

Thanks,

Jay