Choosing a location is based on many factors (for me): proximity to where I live, my confidence in the cashflow, quality of the property (I stay away from fixer-uppers b/c those can suck up your time), and -- so long as I am confident that it will cashflow -- appreciation potential is a nice "icing on the cake". 

As long as you have nexus in a State you have to file there, no matter where you incorporate.

Remember, the tenants are the ones that are actually paying for it (as long as you're cash flowing), not the investor.Joe VilleneuveREcapSystemA2REIC

Anyone can sue you for anything but so long as you have a contract that covers your reasons for not closing and says you will recieve your deposit back then you should.

As long as your "intention" was to hold the 2 gained properties as investments and not inventory to be re-sold, you should be ok. 

Except... when I am buying of course since I know my team can rent/lease it out quickly in most scenarios as long as we can bring up to standard quickly.

@Mark Gallagher That is a great way to look at this issue with a new twist...... thanks.....as long as the guy who shows up with tools  but poor business management skills can execute the actual rehab work well with good quality and workmanship.High quality lemonade made out of lemons....that were bought at a steep discount.As far as materials, would you suggest that the contractor purchase them show receipts and get reimbursed or would you just purchase them yourself?

@Ravi Patel If you do purchase the home under the LLC, and later you want to cash out with conventional loan you can switch the deed to your personal name at closing, and finance 75% of the appraised value as long as you were an owner of the LLC when the home was bought.

You have a long way to go with this tenant and as long as the dog is only visiting and not making extended stays then I probably wouldn't make a big deal about it. 

Dylan Long, a BPer from Oregon, jumped in and offered to work up a 3D design based on my rough plans, at no cost.