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Subject Expert
You should ask a lawyer that is familiar with both Delaware and the state you’re buying a property in.
I don’t see any issue with this scenario
The question of utilizing the Chancery Court is probably a choice of law (I’m assuming you want DE law to apply) and venue issue. As to COL, generally the parties’ residency (place of incorporation or “nerve center” for entities) is only one of many factors in the analysis. It is possible—dare I say likely—that an LLC in Delaware will tilt the balance only slightly.
I can’t remember what factors into venue, but convenience is certainly a factor. If all the evidence is, say, in New Jersey, the Chancery Court could be reluctant to take jurisdiction over the case absent a compelling reason. Still worth adding a forum clause in the lease electing the Chancery Court as the chosen forum.
All in all, in a breach of contract dispute, the case will likely be heard where the facts occurred and the evidence resides.