From a pure income tax point of view, it does not matter whether you register your home state LLC to do business in the other state, or form a completely new LLC in the other state.  

@Heather Skow it’s less a matter whether you should form a LLC, but understanding whether you can operate the LLC without having your veil easily pierced.

@Jeremiah House you could form a fund with your friends but it wouldn’t be a reit as that would require you to have at least 100 investors.

It's like dating...very difficult to walk up to an random girl and ask them out straight up...you need to form a connection through conversation. 

These you can probably look up online).There are also Environmental Indemnity agreements.All of these documents and a few more will form a complete loan package, and this should be prepared by a lending attorney used to private loans.

Those broker pro formas always paint a pretty picture! 

I guess we could form a club.

Almost every investor has a PM and if you underwrite with pro forma numbers you can easily reach a 20-30% COC.

Also dont look at pro forma that is Latin code for "maybe if we pray hard enough" ... the days of Latin are over ... if you make offers on apt bldgs at this stage in your knowledge you will LOSE BIG BUCKS.

. $300 and 10 min to form a new one (I get 4-5 at a rome every few years).