@Andrew MerewitzState of LLC FormationIt is normally advised to create the LLC in the state that you will be holding the real estate; Florida in this case.If you created the LLC in New York - you would be required to register the LLC in Florida; increasing your total costs.Please also be advised that it can be costly to form an LLC in New York.Location of CPAThe important aspect of looking for a CPA is that he/she understands the taxation of real estate.Technology(emails, phones, skype) allows you to communicate properly through an accountant eventhough he/she may not be in the same city as you.Florida does not have a state income tax.

Maybe something that allows you to network, establish connections, learn the business or aspects thereof.  

One thing I just thought about today is, what if you put in the remarks  or this is how you responded "If you ask me if a house has any offers, I will always answer "No"" or you say "I always answer "No" to that question". 

If you're worried about chain of title/name search and not being anonymous I wouldn't worry too much about that aspect. 

I have also seen some crazy schemes proposed recently using trusts and lending that I will steer well clear of as well.Bottom line, options are still a great way to earn an excellent return because of the leverage aspect, but it had better be legit.

Real estate is a wealth building tool - rate of return is one of the most important aspects of building wealth - and taxes really impact rate of return.A few "rough" numbers: Scenario 1) You have $150k of equity able to produce $38,400 in income (25.6% return on equity per year). 

And how do I go about the managing aspect of it since I'm new? 

The 2 most important starting out aspects are marketing and networking.

Once you think the numbers work then start calling people that are running ads and one conversation Should lead to another and hopefully you'll find enough reasons to fly out and meet some new contacts.Account Closed is correct there's a broad spectrum of deals to buy from a total gut job to a full on turn key program.I'd definitely stay away from fix and flips in the beginning and look at light rental grade rehabbs to full on turn key.The most important aspect of out of state rentals is the property manager, for this reason I finally decided to partner with a management company in Michigan to help protect mine and my clients assets.Ohio, Michigan and Missouri are still under valued and offering good returns.The detailed kind of information you're after is more of a phone or sit down conversation.

We spent over a year looking for this property and nailed the reno budget in every other aspect, but if we have to spend $25k on lead abatement then that will wipe out over a year's worth of CF....How do you guys handle lead paint in your rentals?