I live in California and will be purchasing properties in Missouri. Should I set up the LLC as a MO or CA entity?

Ryan.

I'd recommend setting up your LLC's in Nevada and Wyoming. There you will get the most protection for the best price.

Looking for additional comments on setting up an LLC for my rental property. Do you recommend setting up the LLC in the state where your rental property is, the state you live in, or a state with particular tax advantages?

I live in CA and invest in Missouri. Thanks in advance for any insight!

@Ryan Antista

It is usually recommended that you register the LLC in the state the property is in; In this case Missouri.

If you registered the LLC in California, Nevada or Wyoming(states that above posted suggested) you would then have to register as a foreign entity in Missouri because that is the state that you do business in.
If you registered in Nevada and Wyoming - you would also have to pay $$ for a registered agent on a yearly basis.
If you registered in Nevada, Wyoming, California - you may also be required to pay annual fees(if the state requires it).

Now the big issue at play is California is very aggressive in regards to saying that entities do business in their state.
California has indicated that general partners/managing members who live in California and make important decisions in the state are considered to be doing business in California.

You may need to reach out to a CPA/Attorney to see if you are considered to be doing business in CA and having to file a CA LLC tax return(CA 568).

My advise is. You live in California there for you are still doing business in California. Yes you can set up an out of state LLC. Just because your buying and selling property in another state does not mean you don’t have to pay taxes in California. California will find out sooner or later your better off finding a very hold CPA to set you up the right way don’t go off what people say. I set up a Wyoming LLC and still use it but once I file taxes I file with California also. Either way how ever you set your business up is your choice my advise set a S Corp with California so you can show your profit there from Your LLC Corp in Wyoming. I have had a great run the last 2 years paying only 10% in taxes so I am not changing my corps to go out of state. It’s how you set it up. Good luck.

Thank you @Basit Siddiqi and @Martin Ruiz for your input! I'll certainly reach out to a CPA but wanted to do some research and get informed. 

Martin, can you elaborate on your strategy for setting up the S Corp in CA and your LLC in s Wyoming? I'm not looking to get around CA taxes, just looking to set up a smart system and entity that I can put the rentals in. I plan on buying more and I imagine future properties may not be in Missouri where my first one is.

Thanks again for your replies!