New Investor - Execution Phase

[Jeremy Segermeister]

Hi All,

I'm learning a lot here and am feeling more confident to pull the trigger on my first investment property. As I get ready, I'm feeling less confident in the actual execution of the transaction and the day-to-day management. A couple questions/steps that come to mind. Am I missing anything?

1. I need to setup LLC, but I am not 100% decided on which state to create it in (should it be in the state of my investments, or residence? Live in CA, investing in FL). My dad, who will also be listed on the LLC, is a resident of Florida. He will be managing the property.

2. I need to create a new bank account and credit card dedicated to the new business

3. Is there a preferred expense management tool for beginner investors? Should I be using quickbooks to track everything? 

4. Should I look into online tools to manage leases, tenant info etc? Or should I wait to do that down the line and not worry about that on day 1? My tenants will all be senior citizens, so I don't think I can rely 100% on an online portal. But I would like to have it as an option.

5. I think I would use a realtor, especially for my first investment. But what exactly would the process be to purchase a property that I find on my own, off market (all cash, so escrow company would not be needed AFAIK)?

Thanks!