NY state website has a broken link to an opinion about what constitutes "doing business" in the state. 

The answer will be dependent on your fact pattern, so a general forum like this may not be able to answer such a broad question.With regard to the LLC structure, note that CA does not recognize series LLCs, and CA tends to have a broad opinion of what constitutes "doing business" in the state, and therefore, what LLCs need to report with the CA Secretary of State and file appropriate tax returns. 

“Activities may be grouped if they constitute an appropriate economic unit for measuring gain or loss.”

You and we both expressly intend that no portion of the Collateralized Goods will constitute a “fixture” attached to any real property, and that the Collateralized Goods will be removable personal property.

I would just caution doing anything that could constitute mortgage fraud.

*Please note that this post is for general advice only and does not constitute or in any way form an attorney-client relationship between the reader and the maker of this post. 

@Justin Banks Not remitting rents constitutes embezzlement in Mississippi.

If the purchase offer states they will purchase the property themselves, and they have no intent of doing so, that may be constituted as fraud.  

However, they include "bad boy" carve-outs that trigger full recourse if the borrower commits certain bad acts like fraud or voluntary bankruptcy filing.Abandonment may constitute default: If the GP abandons or surrenders control of the property during foreclosure, it could be considered an unpermitted transfer that violates the loan agreement and triggers the guarantor's full recourse liability for the unpaid loan balance.

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