@Brian Scott don't forget to incorporate the tax savings into your calculations too!

If you earn income and pay taxes in CA, then you are doing business in CA, and you still owe the $800 CA franchise tax fee, regardless of where the LLC is incorporated ... the OP is right on that one ... 

Account ClosedWith the breakneck pace at which technology is progressing in the field of real estate (as in many others), it’s no surprise that agents and brokers may feel overwhelmed with deciding what to incorporate into their marketing strategy.Lead generation in particular can pose a challenge in the competitive real estate environment.

Id rather put less down and try to incorporate some of the loan to development.Enter SBA 504 loan.

But tactically it's no different than what I have learned in corporate America by setting expectations and keeping people accountable via email remotely..

I don't see a need to incorporate in more than one state.

I am not a lawyer, but did some research and will be incorporating my active real estate business as an S-corp (furnished rental business).  

I see your point, but it would suck to really start making some headway and then one "accident" cause you to lose everything simply because you didn't take the time and spend $200 to incorporate

I believe you can always incorporate various tactics to set your property apart.

I can go on for days with reasons, but the main perk for us RE investors is that you can easily incorporate new assets into the structure and ensure they're totally protected within their own child Series.