It really depends on square footage and the number of units. 

LLC formation FeesEvery state requires a fee for forming an LLC in their state.If you do business in a state other than the state that you formed the LLC in will require you to pay a fee for doing business in their state.Creating multiple LLC's can increase to the fees depending on how many LLC's you have and how many states they do business in.Regardless you should speak with an attorney on LLC formation.In regards to a state income tax perspective - The aggregate state income tax will likely be the same if they are all disregarded for tax purposes.Some things to note is that some states do require a separate tax return for LLC's(even if disregarded) such as Texas and California.

We might be able to use it for hunting and winter sports depending on the area we buy in.- If we buy a couple thousand acres of ranch land, but want to turn it into a wind or solar farm, how quickly does the land need to become active with the actual farming of natural resources?

@Derek LuttrellIt depends on how much you make.

@Jeff Pagano housing desirability partly depends on the type of housing.

There is opportunity outside of the city of seattle, it just depends on how far out you’re willing to go and what you’re looking for in terms of numbers. 

It also depends what kind of project you are doing.

Your strategy may depend based on area but in my instance I don't have to worry about finding someone quickly if needed. 

@Ginny Pfister bidding wars absolutely do happen depending on what area you live in.

None of the moldings/doorways/architraves/baseboard are going to look right.You can get all kinds of different results of different quality, it just depends on what you're willing to invest.