This is my 1st post and I am so incredibly thankful that a forum like this exists and for any information to help guide me through this tough decision is so immensely appreciated! 

My attorney says he prefers it when there is a business reason for the state of the LLC, and he said either your home state or where the property is located is suitable.A much bigger topic is whether or not having an LLC is a good strategy given your personal situation. 

Padsplit is a topic of discussion also (STR room rentals), but I think LTR's are a little more consistent with income and a bit less work.

I suggest that you view my podcast on this topic. http://synergeticinvestmentgroup.com/2019/01/02/rod-khleif-student-housing/Please give me any opinion you may have on Student Housing?

However, over the last 20 years there have been no Tax Court decisions against it... so it clearly isn’t all a sham.

Hard work and good decisions.

You mentioned a topic - got quoted and asked to explain...and crickets. 

They sponsor biweekly webinars, where they encourage Q&A on many topics in the Fix & Flip landscape.The draw process seems standard (what you would expect) and makes sense.

A good PM can help protect you from a bad decision.

I'll double check demographics and include in my decision making process.