You may have an out-of-state filing requirement in states where investments are made. When a taxpayer owns an indirect interest in real estate through a partnership (including an LLC classified as a partnership for tax purposes), it may result in a state income tax filing obligation for such taxpayer in the state where the real estate is located (even for nonresidents).
For investments held in states that do not assess income tax, or that have minimum filing requirements below your assessed income, out-of-state returns would not be filed.
CrowdStreet does not offer tax advice. Consult your tax advisor to determine what your state filing requirements are.