LLC set-up: in state where property is located or where I live?

[Russell R.]

Hello BP Forum

I (presently) live in Westchester, NY and I have a SFH that lease out in Charlotte, NC. I bought it when I lived there. I would like to expand my holding over the next few years; I am considering purchasing more units - possibly in Charlotte but could be anywhere in NC or outside the state - depending on the deals.

I've looked around on the forum for some specific answers and find some that are close, but not precisely this situation. So figured I'd ask my questions regarding setting up a LLC:

1. Is there any benefit to me setting up a LLC for this home? When I purchase more units does the situation regarding an LLC change in any way?
2. Should I set up the LLC for the state where the property is located (NC) or where I live (NY)?

Thank you very much

Russell