My mistake for not inspecting the property beforehand. Paid 12800.based on google mapsThe property is a mess. Need to clean the junk out of house .. hoarder . Bathroom and kitchen need redone. Large tree in back is de...

However, this means you’ll need to comply with the annual filing, franchise tax, and reporting requirements in both states.

Forming an LLC for your rental property can offer liability protection, but no real tax benefit.

What paperwork should I keep a paper trail of to make things like taxes and other situations better/easier for myself?

Hi @Damon Diddit I would avoid Newark at all costs. 

I find that it's almost a one stop shop in that I can use it for my business checking and savings accounts, bookkeeping, for rent collection, I can issue virtual credit card, I can create all the financial reports I need to run my real estate business and prepare for tax filing and through their partners I can vet my tenants, develop state-specific leases and more.

You would have had to be there for at least that to save on the capital gains taxes (up to 250k). 

Hi Steve, where did you get your property tax estimate from?

My strategy incorporates asset protection measures like LLCs, specific trusts as well as professional property management to spread risk and ensure quality operations.As well as using tax codes to my benfiitSection 179, IRC Section 162, Cost Segregation and Bonus Depreciation and later 1031 them out for larger projects. 

I'm not counting those since I don't manage them, but I typically avoid cities and states with laws antagonistic to landlords.