Hey @Brandon Jones, you don't need to setup the LLC in NC.

Quote from @Geoff Prickett: Anyone recommend a great bank or credit union for working with Series LLCs?

This is one reason an LLC is so powerful. 

The way it works is that you set up a Series LLC, then you setup individual "Series" or "Cells" under the series LLC for each property.

So, if you create an LLC in another state, you may need to register it as a foreign LLC in California.

@Gary Tucci The ideal time to form the LLC would have been before purchasing the property, which would have allowed the real estate to be titled in the LLC from the start.

As a real estate investor, you first have to understand the risks most likely to impact you and then ask yourself how and why will this particular LLC arrangement or trust add protection to my real estate and your personal assets.  

I have heard the cost of an LLC in California is cost prohibitive and annual fee is expensive. 

That should be your starting point.Nothing wrong with using LLC's as long as they are used effectively.

You said you have a partner so you should be forming a multi-member LLC and take title in that LLC.