What are the pro/cons of holding the operating LLC's in a separate LLC (formed under a state that allows for owner anonymity (WY, NV, etc)) vice owning the operating LLC's in a revocable trust (formed under CA law, with me as settlor and trustee)? 

You wouldn't want your business to expose your real estate to liability and vice versa.

And vice-versa.

Now without getting accurate information or getting a consultation from them (aka pulling the trigger) aren't you exercising the same skepticism of paralysis analysis, but with asset protection vice property analysis? 

What a market does in some other state makes no difference to me locally, and vice versa.For now all the market I work are steady to increasing.

If we created an LLC in Missouri, could that entity do business in Oklahoma, and vice versa?

Smoke upstairs sets off both/all detectors and vice-versa.On another note, be sure you have your property certified lead safe or lead free if the property was built before 1978.

Title company sends excess closing funds to the seller instead of the buyer, or vice versa.On the receiving side, was the draw a check cut in the name of the wrong person?

@Roy N. 10-4 Captain...

Its always easiest if your company name is exactly the same as your .com or vice versa.