@Margaret Buoncora - you will need to file a foreign qualification form in every state you plan to do business in. 

My attorney set up my LLC in the state I live in (ND) then in order to Quit Claim the property we own in MO to our LLC we set up a Foreign LLC in the state of MO which I did myself and was very easy. 

One thing I can say about Foreign National borrowers, you can usually bet they have good savings, multiple paid on time mortgages and other loans under their belts when they contact me.     

Cameron Andrews the only potential way around this would probably be to use an out of state llc and just not register it with the state as a “foreign entity”.

I'm an agent who's been heavily investigating that particular market for a foreign investor recently and I'm leaning towards either new construction or picking up a unit (townhomes) that is already updated.

There are lenders who will do cash out refinance for foreign nationals.

And keep in mind when it comes to SUVs and trucks; American makes are just as reliable if not more than foreign made. 

I'm not completely sure about the conventional rules, but there are very specific guidelines in my world about foreign nationals and many of those guidelines include reduced loan to values.Stephanie

As a result - you would be reporting income that you generated in all the states(and foreign).

Wisconsin, because I believe otherwise your AZ LLC would need to foreign qualify to do business in WI and cost you more money.