[gumby]

If the company doesn’t “operate” in a state you don’t need to register as a foreign corporation.

For example in California, the sec of state’s website says,

    Before transacting intrastate business in California, the business
    must first qualify/register with the California Secretary of State
    online at bizfileOnline.sos.ca.gov. "Transacting intrastate business"
    is defined as entering into repeated and successive transactions
    of its business in this state, other than interstate or foreign commerce.

I.e. you can own, but not manage property through the corp.