If so, is it profitable or just unpaid secretarial work?

You could still buy the property with your WY Holding LLC, but you may need to file a registration with the Secretary of the State of the state your are investing in to obtain financing.

I don't know about Texas but in North Carolina about 75% of the time you can find the LLC's owner name and home address by doing the following:Go to your secretary of state website (state not national)Look up the corporation nameAt least 75% of the time the LLC owner will register with themselves as the registered agent and their home address as the mailing address.If this doesn't work you're probably looking at more trouble than it is worth.

The only cost is $10 each per year to stay registered with the Colorado Secretary of State.

It should be generated with your acceptance by the Secretary of State.

:-|I'd go to your state Division of Banks & Secretary of State, looking for their Licenses, Filings and maybe Complaints.

I agree with former Treasury Secretary Summers, who said “My sense is still that the [Federal Reserve] has itchy fingers to start cutting rates and I don’t fully get it.”

You should consult an attorney or CPA for your specific situation.ANONYMITY: When you create the LLC, your name is recorded on the documents and published on the Secretary of State's website for all to see.

Remember, a good agreement makes a good deal better, but a bad agreement makes a good deal bad.Also, as @Dan Heuschele alluded to, if either of you performs any activities whatsoever while residents of California, the state of California's position is that you will have to register your LLC with the California Secretary of State (even if formed in Texas or some other jurisdiction), file the annual Form 568, and pay the annual $800 tax.Also, by forming an LLC in Texas, you may be subject to the Texas Franchise Tax.So really the only person who can answer the question of whether you need an LLC or some other entity/arrangement is a qualified attorney who thoroughly understands each partner's situation with respect to themselves and each other.If you need a reference to a good one, I have one. 

The California Secretary of State website can walk you through the process.