Business structure with properties in multiple states

[Jason Turo]

A business partner and I are from different states starting a buy/hold investment company. We are thinking of opening an LLC with a business account as our "main" account for any business operating expenses and have checking accounts for each house. We are thinking about purchasing properties in multiple states.

Would it be advisable to start an LLC in the initial state of purchase, then register as a foreign entity in each other state properties are purchased or open LLC's in each state we own property (or another structure you recommend)?