Unless you have dozens of properties one LLC per state should suffice.If you have a Wyoming LLC that does business in Illinois under that LLC you need to file as a foreign entity and submit an Illinois income tax return as well as Wyoming.Unless you live in Wyoming you have no need of paying for multiple filing fees and tax returns.

@Jeremy Johnson my advice would be to be to never ignore a good buyer with little to no transaction fees particularly if there is a hefty profit involved. 1031 is a good option but also don't overlook other options such as just paying the capital gains tax (gasp) or rolling it into one of the new opportunity zone investment funds.Make sure to negotiate a great long-term fixed lease for your own business as part of the transaction assuming you want to stay there.

It is about $300 a year covering maintenance issues and a $50-$75 each call fee.

Trans fee only 1-2%.

It also helped that we installed it in house.

AND we had to put the entire amount of purchase price in CASH our contract called for a cash sale. into escrow on the day we were suppose to close.. so we have 45k out and gone.. 6 figures sitting in escrow for 2.5 years  another 20k in legal fee's.. and at the end of the day she is a no show at court.. and we win in about 60 seconds..

There are services that charge a hefty fee for this, but can often be well worth it if the tenant stays and takes care of the place.Best of luck!

Now you have not had to set up a account with the local water board and pay a turn on fee.

You are better off partnering with an experienced agent and have that agent or broker give you a referral fee. 

I think all I did was procurement of supplies and installed 1 dishwasher.