You should probably consult a lawyer and cpa to help you decide.As a general rule, for LLC owning directly real estate, it is often recommended to have the LLC recognized in the state where the property is located as it is a requirement if your LLC need to be represented in court (think eviction or code enforcement problems).There are ways around like using a local operating entity or even in some cases land trust.The choice of the LLC state may also be based on some cost factors.Last but not least, while all LLCs have the same inside liability protection, states differs widely on outside protection.

I'm accredited, so I was thinking to invest directly into MF (out of state), but after all PM fees and everything, it would only cash flow $100-$150 / door, and I'd have CoC maybe 6-7%.My other choice was to invest in a few syndications for more passive work and likely less headache.

Probably what is killing the deal is the down payment that would be required. you could not go FHA or VA so conventional would be the only choice. 20% down would be almost 400k!

@Brandon StevensonWhile using LLC for your rental properties is a great choice for asset protection purpose, doing so for your primary residence is rarely a good option.Doing so would have consequences regarding: Mortgage deduction,Homestead protection,Loss of the section 121 capital gain exclusion,Cost of insurance,Cost of mortgage,Property taxes in some states,

Safety should be your first choice.

So I probably would have made a different choice at the time.

If not, then theres other pockets of the country that have good returns, you highlighted a lot of those areas that seem to be popular & also a lot cheaper up front with downpayments.  

In no particular order I have listed some of the most popular markets for out of state investorsCincinnati, OhioDayton, OhioToledo, OhioYoungstown, OhioCincinnati, OhioMemphis, TennesseeBirmingham, AlabamaKansas City, MissouriSaint Louis, MissouriIndianapolis, IndianaDetroit, MichiganErie, PennsylvaniaLouisville, KentuckyMilwaukee, WisconsinJackson, MississippiEach of these markets is popular with turnkey investors because of the low barrier to entry, high rental demand & high rent to price ratio.

Don’t get too hung up on the choice of CRM.  

There are motivated sellers out there who have no choice but to sell, they need us.