California is generally more cumbersome than other states when it comes to taxes and filings.

Tracking deadlines for due diligence, contract extensions, and contingencies can save you from costly mistakes and missed opportunities.

Many thanks in advance,Victor Talking with my friends contractors in the area... some of this contractor offered very low price for their projects betting to build many units and market changed and they simply started to file bankruptcy... when comparing cost it's common you will find higher costs ... been in this market last few years, houses will start to move again in the next months in a normal cycle (not pandemic cycle) , if you're goal is getting long term rental in place for delay gratification...

Here are a few:Pros: -Reliable rent paid every month-Stable tenants that typically stay in the unit for a long time-Purchase prices are typically lower so easier barrier to entryCons:-Getting the files onboarded and processed is very tedious.  

Cars are covered by car insurance, not homeowner or renter policies.Tenants files a claim with their car insurance, and you don't do anything.

There are two separate issues here: one is combining your personal and business banking which can complicate filing your taxes and is generally frowned upon.

In my view it more useful to focus on the total asset value rather than the number of properties in the LLC.I have found that filing the 1065 for a partnership LLC is simpler when the total asset value is less than 1 million.

You are moving into a very gray area if you are borrowing money from more than 1 family member and it's not for a specific deal as you should need to file an exemption from the SEC.

This can be fairly straightforward, depending on your agreement and if a partnership return was ever filed, you'll want to report half or your portion of the basis in the property as well as half the sale price minus expenses.

As it is, I've gone back to just keeping paper receipts in a file folder and electronic receipts in a gmail folder.