You should form an LLC and this can be done anywhere. I believe it might be cheaper in NV to do. You should do this immediately before you put a tenant in the property. The LLC would protect your personal assets from a suit such as your Nevada home where you reside. Seek legal council for further understanding of the benefits of having a rental in an LLC and deciding the best way of structuring your LLC for protection.
If you buy another rental then consider forming another LLC for that property as well. Also, if this is a weekly rental send me the link as I love to vacation in OBX!... more