"If" formula syntax that evaluates one field and enters info from another field

I’m having some trouble with my IF formula syntax. I want to determine if I need to file a state tax return for a real estate investment and I only need to do that when the property is equity or pref equity. I have a field called “Type” with a single-select list and I have a field called “Property State” that looks up the state in another table. I want my formula to say “If {Type} = Equity or Pref Equity then enter the value in Property State, else blank”. I don’t have trouble with the first part or the third part, but I can’t figure out the right syntax for the middle (enter the value from
Property State). I’m sure this is simple, so I’m hoping someone can easily help. Thank you!