You can start with Option 3, but when you decide to upgrade to option 1, you have lost the anonymity in the process when you transfer the member to your holding.Option 2 is a no go, as if you need to go to court, lets say for an eviction, the court will not recognize your out of state LLC and you will have to foreign register it in that state, making you pay the fee in two states instead of only one.Option 4 is a personal decision regarding your risk appetite.

I recognize your livelihood is in part from OOS investors that invest in your market.  

If you consistently analyze properties, it will be much easier to recognize a good deal when it shows up.

Now recognize there are limitations.

As I do this, I will start to recognize when houses are undervalued.I would start to get myself on wholesaler lists.  

Good on you for recognizing that hiccups arrive unexpectedly and prevention trumps a reaction.

For instance, CA does not recognize REPS and does not allow bonus depreciation.

An LLC isn’t even a recognized entity by the IRS.

Contrast this with a Cook Island Asset Protection Trust where it is statutorily prohibited from recognizing any court order from any outside jurisdiction, including the U.S.

While I recognize that this effort will be required in any RE pursuit, it does feel that I wouldn't necessarily need 3 other members divvying up a relatively small amount of leftover work.