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Keep in mind that an LLC, formed in any state, is a separate legal person, which has many of the same legal rights that you do. Thinking from this perspective, consider that you can certainly own as many properties in any state that you want. An LLC that you create, own, and manage can likewise own properties in any state, regardless of where the LLC is chartered. That said, there is one specific benefit to owning/managing each property in a different LLC: This limits the liability of each LLC to the property it owns. So if the LLC has liability issue with one property, it wont affect the asset of the other LLC.
As far as the formation state, consider the cost of formation and the cost of maintaining the charter each year. You can research the annual filing costs and requirements of each state here: http://www.smallbiz.com/static/incorporator/state_requirements.cfm