Yes Brian, then you did good by calling, I bet she gave her opinion after you suggested incorporating a ROFR, I've never heard of an attorney suggest that on their own as they are very limited.Probably what is accepted everywhere is the locally accepted sale contract with the default provisions omitted or reduced limiting liability or the obligation to act, which may then amount to an option arrangement.

Yes, generally an LLC incorporated in PA can own an investment property in Cleveland.

First I want to start by giving credit to @Steve Hall from Jacksonville....his reply in the Houston thread sparked this desire to start this discussion and I incorporated from that post. 

Yardi and the other products I evaluated (and many others I didn't) have incorporated double-entry accounting into their products.

Hey guys,A little about me:- Early/mid-career professional investor in corporate private equity- Live in NYC- Looking to invest in real estate as a way to diversify away from my fund since it controls my income and I have significant co-invest/carrry dollars at work in it- Looking to start off with a $50k equity check (all in including closing costs, rehab, furniture, etc)- Ability to leverage an extensive network of friends and family for a deal that might require a larger equity check- Very comfortable analyzing opportunities in traditional corporate entities but still learning the ins/outs of real estate investingI am trying to wrap my head around what strategy to pursue and in which market.

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.