If you also plan to do business in NC, a state might require you to register your NY entity as a foreign entity (If you incorporated in NY) in the NC as well. 

We are based in Chicago but incorporated in Wyoming due to the friendliness of WY for corporations and plan on building a massive business.If you are planning on opening an LLC I am not sure of the specific advantage to opening it in WY though. 

Seeking out a professional to help with this incorporation, is a CPA good enough, or should we seek an EA or a tax attorney?

It was later added to incorporate a limit based on asset basis as well.

If you are keeping existing tenants, in most cases the most you'll be able to legally raise rents is 4% in some of the more strict areas its under 2% If section  8 is incorporated with this property I would strongly suggest looking deep into local laws and be prepared to go to work as the landlord, if anyone is saying you simply sit back and collect checks they not telling the full story.

Asbestos containing material is not harmful until you mess with it get fibers in the air, which get in your lungs.Problem with removing is that you will cause a lot of fibers to become airborne, that's why its so expensive. 

Me (current):10+ years in corporate finance & accounting; The most recent 2 have been in project management (hybrid between finance & IT) in the healthcare fieldBachelor in Finance, Graduate Certificate in Accounting, and Master in MIS (Management Information Systems)My strengths are working with people, numbers, Excel, and automating systems and processesBetween working more than 40 hours, a 3 year-old and a 8 month-old, I barely have any time to dedicate to REI.  

Choosing the state to incorporate in can affect income taxes.

This would be my first venture into real estate so I'm not sure how to go about figuring out if this will work.I would like to build new houses to rent.I'm unable to do any of the labor and quite a bit short on cash.However; I have 4 acres of unimproved land in an unincorporated part of a north east suburb in the Dallas area.2000 sq ft houses sell for around $190 sq ft and rent between say $1700-2300.In addition to building the actual houses it seems like this would require a lot of other large expenses for example a road (possibly gravel), electricity, water, septic systems, fiber, and cable services installed.I get the impression, if this was a financially viable strategy there'd be more talk on Bigger Pockets about it. 

You don't need to be incorporated to get those deductions; you're entitled to them regardless.There are no tax advantages or disadvantages to LLCs.