Ultimately, it depends on your comfort level with the local regulations and market dynamics.

Zero in 2024 in Huntsville - which is precisely why we bought zero LTRs in 2024 locally (bought one out of state, and bought a local flip property and one small local commercial property - slowest year since I started REI in 2017). 

would you still create the single LLCs in OH (the state where the flip is in) or open one in my state of residence and JV with the local LLC ?  

Take the time to connect with investor-friendly pros who understand your strategy, and don’t rely solely on pro formas—talk to local investors and analyze real numbers.

I'm curious as to how this has affected everyone's local market.

I’ll also connect with locals through BiggerPockets or Facebook groups for first-hand insights.If visiting isn’t an option, lean on a reliable local team (agents, property managers) to help vet the area.

Hi Jared, I’m a local agent here in Indianapolis and also an investor myself.

I strongly recommend getting involved with your local REI meetup groups so you can work out your pitch with help from other landlords.I hope this doesn't come off the wrong way without tone or facial expressions behind it. 

When identifying and working with a property manager long distance, quality and local presence matter most.

To move forward, determine whether you prefer local or out-of-state investing, cash flow or appreciation, and self-management or hiring a property manager.Good luck!