Heck it's so good I could manage a loss for a few months but I really think the cash on cash return will be 10% + first year and 20%+ 2nd year. 

We got out of condo conversions couldn't really sell any of them and transitioned to ground up development of single family homes and three story walkup triplexes on a build to rent model which is much easier for us to manage and our exit isn't a sale it's just a refinance. 

It’s the simplest way to get a feel of what it is like to be a landlord without going through the hassle of managing rehab projects.

Talk to property managers and see if they would manage the other units.

I've managed a number of successful rehabs and put a lot of sweat into them as well.

Quote from @Dave Chengoue: Quote from @Wale Lawal: @Dave ChengoueIt's great to see your focus on multifamily properties and your clear plan for self-management.

I'm a local, CT based investor, flipper, and property management company owner.  

(With invested capital, this matters, plenty of people are worth "taking a shot on" in other capacities, just not with respect to managing my money).2) "Is this investment where I'm giving you money the top priority in your professional life?" 

Self managed HOAs are usually undercapitalized so you want to take a thorough review of the condition of the community to make sure there isn’t deferred maintenance because you might get hit with a special assessment if the board isn’t setting aside cash for those capital improvements.At face value, taking into consideration my typical financial objectives, I wouldn’t do this deal unless it was a much lower price.

Even if you create a non-CA LLC, if you are managing the business from California, you will likely be deemed to be "doing business" in California and therefore likely subject to CA taxes.