Tax Implications for Out of State Investors

[Rory McGonigle]

What are your tax implications if you set up a LLC in your home state, but primarily buy RE in other states? Specifically for buy and hold REI. Would you owe any taxes to the state where your property is in? Or simply to your home state where your LLC is set up? Or would you recommend setting up the LLC in the state where a majority of your REIs are?