Hey @Nick Keesee, the way I interpret what I've read and researched is it should be compliant.

Any quality firm providing the IRA LLC program should provide you with access to support for this type of basic question.At issue is whether the LLC is "conducting business" in the second state and therefore would require registration in that state to be compliant with state law and to have access to the courts of the state.Generally, investing in tax lien certificates is not something that would be considered "doing business", but rather just paper investments.If your LLC seeks to foreclose on a certificate, or will take title to real property in the state, then you would likely need to have local state registration.  

That will also help keep you compliant with your screening against state/federal laws.

Notes can also be classified as conforming or non conforming, Dodd Frank compliant or exception, performing or non performing.  

Now when you order it, it has a pamphlet with it that tells you how to be compliant with Dodd Frank.

@Bryan L.If you have the funds (and licenses if needed in a state) and go to a RMLO they will perform the requirements to get you compliant with Dodd frank by vetting the borrower etc. i can send you the name of a nationwide RMLO who originates loans for owner occupied investors.They won’t assist with any state licensing etc (google NMLS and you can see requirements there by state).

You acquire the NPN at 30-50% of the collateral (house) value and attempt to either get the buyer back on track in order to flip the loan as a performing loan or foreclosure if the borrower is non-compliant.

If so, then have them confirm that you can reconstruct the quad from the foundation up and remain compliant without having to rezone.

Delaware Statutory Trusts and Tenants In Common are the two main venues for this type of passive investing that is 1031 compliant.

Seller financing can be a concern if not originated compliant with SAFE Act state and federal level guides.