Good Morning,I am a former Claims Specialist with the Social Security Administration and currently unemployed homeowner who is looking for guidance on how to gain property management experience here in the Central Coast of California.My wife is the only one working at the moment, so times are tough to say the least.We're looking to rent out a portion of our home in order to save up enough money to purchase our second home (or multi-family unit), rent that out, and begin to expand our portfolio. 

We paid $20k for a new system but it was a carrier infinity system and included a 5 ton condensor etc. we are also in washington dc area so it will be a lot more here than other places.

For your first investment, it may not be worth the administrative headache to have an LLC. 

Being in Washington State, where properties are expensive and good deals are scarce, I see this as a potential opportunity to jump into my first real estate investment.

Hi @Ryan Harrell in each case w/ a lender does a credit check (report - score) has to be undertaken?

I am under contract for a 3 family home w a very unique set up. 2- 1 bedroom apartments and 3 and 4th duplex which has 5 bedrooms but only 1 bathroom this home is 8 min from Brown University in RI and 10 min from Johnson Wales. (6miles)Do u think its close enough to attract college students especially the duplex? 

For the LTR outside CA, forming an LLC in the state where the property is located can reduce administrative costs and avoid double franchise taxes in California.

specifically AZ, NV TX, UT, WA and CA

California, Oregon, Washington, Illinois, New York are all MUCH worse for landlords!

States which DO NOT require licensing for originating or negotiating a loan secured by commercial real estate nor a loan secured by non owner occupied residential real estateALASKA ARKANSAS COLORADO CONNECTICUT DCDELAWARE FLORIDA GEORGIAHAWAIIIOWAINDIANAKANSAS KENTUCKY INDIANAKANSAS LOUISIANAMASSMARYLAND MAINEMISSOURI MISSISSIPPI MONTANANORTH CAROLINA NEBRASKANEW HAMPSHIRE NEW MEXICO OHIOOKLAHOMA PENNSYLVANIA RHODE ISLAND SOUTH CAROLINA TENNESSEE TEXAS WASHINGTON WISCONSINWEST VIRGINIAStates which DO NOT require licensing for originating or negotiating a loan secured by commercial real estate but DO require licensing for a loan secured by non owner occupied residential real estateIDAHO MINNESOTA OREGON UTAH VIRGINIA States that DO require licensing for both residential and commercial real estate loan origination and brokeringARIZONACALIFORNIAILLINOIS MICHIGANNEW YORK NORTH DAKOTA NEW JERSEY NEVADASOUTH DAKOTA