State of Incorporation - local vs. NV or WY?

[Richard Spencer]

I have read conflicting advice on what state to incorporate an LLC in to hold investment property. Since most people recommend one LLC per property I am concerned about annual filing fees adding up, especially in some states. I have property located in FL, DC and MA where fees can be high. I hear some people say "incorporate where the property is located" ($500/yr in MA) while others say "incorporate in NV or WY where annual fees are only $75/$110 and asset protection is better". How important is it to incorporate in the state where a property is located and why? Thanks!