Investment in this area tends to be block-by-block so as @Paul De Luca mentioned, it's worth driving through and assessing prior to making any investment decisions.

I'm not a lawyer but I'm familiar with large-scale real estate investors purchasing properties in the state of New York using a Delaware LLC.

My soon to be buiseness partner and I are looking to form a series LLC in Delaware.

Texas, Wyoming, Delaware only allow piercing the veil under fraud.  

I'm in Delaware and our market is not the frenzy that it was two years ago.  

Yes, I live in AZ and have managed my own STR in Delaware for 2 years. 

Quote from @Paul De Luca: @Sean McKeeThat's a good price on a 2-flat for Berwyn and I'm guessing the property needs some work.Typical Berwyn rents for the units you have described (at market levels) usually range from $1200-$1400.

What is relevant is that if someone else pays for your purchase (note: in retail home purchase it's a lien holding mortgage company that de facto owns your home and holds deed of trust until you pay them off if you get a loan to buy house) it is not in itself an indication of your evil intent or evil nature.

Best regards,Steven de Lange

Should I be forming my LLC in my home state (NY), Delaware (LLC friendly) etc.?