I asked Pace Morby and Jamil Damji this question and legally, yes you have to operate as a foreign entity in every state you're doing business in.

Gross rental income divided by 2 (50% op ex ratio) equals net operating income. 

Until you don't -- like when you have a big claim and it's denied for violation of the policy terms.You're essentially operating a 1-unit hotel and you really, really want a commercial policy for it. 

I’m an operator here in the greater Houston area.

That affects your loan amount and then principal & interest payment.2) Estimate rents based on recent rental comps3) Account for all operating expenses such as property taxes, insurance, repairs & maintenance (landscaping, snow removal, cleaning etc), property management (if applicable), vacancy, utilities (what does the tenant pay vs what you would pay?)

My goal on this platform is to expand my network and develop relationships with brokers, owners/operators, investors, and others who are looking to learn more about multifamily real estate!

Depending on the way their company operates, you filing your property as an investment on your taxes may be considered an issue for them depending on how stringent they are.

Which makes me think it’s a smaller operation.

While using financing does mean I don’t keep 100% of the profit due to borrowing costs, it allows me to take on multiple projects at once and operate in higher price ranges than if I were only using my own capital. 

I have over a hundred rental units I own and operate in Utah everything from homes and condos to larger multifamily.Salt Lake County has higher property taxes and is basically built out already and Ogden even though you can find good opportunities in the long run it won't be able to compete with South Utah County or Eagle Mountain.