CA residents acquiring real estate in NC thru a partnership LLC

[Sri Voodi]

Title pretty much says my situation. 3 investors in CA are pooling money to buy a SFH in Charlotte. It will be a cash offer so no financial institution is involved. Some questions -

Where should be set up the LLC? CA or NC? What would be the tax implications?

Do we need to set up operating agreement by ourselves or involve a lawyer to draw it up? All 3 of us will have equal partnership. This will be a BUY and HOLD. Exit strategy for a partner would be - either one of the existing partner buying out or finding a new investor to replace. 

If one of the existing partner exists by finding a new partner do we need create a new LLC or amend the existing LLC operating agreement?

Any insight is helpful. 

Thanks

Voodi