Are you trying to re-form your entity as a NY LLC or just file your NC LLC as a foreign entity in NY?

If you acquire an out of state LLC, make sure to check your state laws for foreign LLC.

With only one or two investment properties, and assuming no change in my Canadian income situation, I would think that I would still get the foreign income exclusion in the US but am curious if the State income taxes would take a big bite out of any potential profits. 

Section 1962(c) of RICO provides that it “shall be unlawful for any person employed by or associated with any enterprise engaged in, or the activities of which affect, interstate or foreign commerce, to conduct or participate, directly or indirectly, in the conduct of such enterprise’s affairs through a pattern of racketeering activity...”143.

So better get a qualified CPA when in doubt, but your first step could be to research govt websites of Cambodia, which might have information on transfer of money to foreign countries. 

@Brian Pulaski I also heard through the grape vines, their is alot of foreign money going in orange county.

As a foreigner, your clients will have no credit history in the US.

@Simen Gundersen  Yes there are plenty of lenders offering loans for foreign nationals with sizeable down payments.  

I'd still have to register that entity as a "foreign entity" so CA can still get its $800.

I just finished reading about the tax deductions for rentals, and noticed it mentioned deducting long distance travel (air fare).  Would that include air fare for someone coming from another country to check up on the...