Should I form my LLC in my state or where the property is located

[Levin Angeles]

I live in NYC and I wanted to refinance my duplex in Toledo into an LLC. I've always heard you should have the LLC be located in the same state as the property but my lender recommended to form the LLC in the state where I live. Can anyone direct me to some information that outlines what the benefits are for both options?

If it's relevant, the property is currently personally owned and financed so I will be forming the LLC to refinance into a commercial loan. I would have considered just doing an umbrella policy instead but the loan is 15 years so I have to refinance anyway.