If your business operates in multiple states, you may still have tax nexus and filing obligations in both, regardless of your LLC’s location.

LTR could get $3200-3400.3-just purchased in August a townhouse in Costa Mesa California 3 miles from the beach walking distance from the back bay great location.

I would recommend that you don't ignore it; repair the drywall, monitor it and see if the drywall cracks in the same locations again.

I'm actually located in Illinois. 

The location is in a booming area of McAllen, Tx with almost nowhere else to build and rents have blown up the last few years.  

@Rosette PooleRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I don't think that makes sense, because the space certainly adds value, in my experience.But this does tend to vary from location to location.

Instead, look at your major location-specific operating costs as an investor.

@Landon Sheveland  don't think your renovations will overcome a bad location. 

The STR market was great a few years ago but now too sure now unless you have a great location.