These more favorable regulations include a 5% transient occupancy tax, no limit on number of days rented, occupant limits based on home size (typically 2 occupants per bedroom plus 4 occupants), minimal permit & licensing fees, and no minimum required stay by the owner.

I cannot overstate the importance of finding a way to build a good rapport with your tenants as early on in the acquisition process as possible, as it will minimize or prevent countless headaches further down the road.When I took over my duplex with an inherited resident in one of the units, I had this conversation with the tenant prior to closing and found out that the toilet in their bathroom was clogging once or twice a week, and their shower head water pressure was super weak. 

Sometimes it's minimal and other times it's blatantly obvious that she isn't getting the respect she deserves just because she's a young female doing business in a male dominated industry.It's very easy for us to say it doesn't exist when we have absolutely zero knowledge of what it's really like to be in their shoes.

We live in California and the income does not allow for many deductions (no deductions for kids, no education deductions, minimal interest on mortgage, etc.).

For my first investment property, I prioritized minimizing risk and treating it as a valuable learning experience.

Those are all fixer-uppers and people are using hard money to minimize cash out-of-pocket.FWIW, cap rate is an irrelevant metric for single family, which uses comps to determine value. 

Unfortunately, most of the time this happens, the tenants have spent the rent money already and they end up moving:(Just some of the challenges of investing in gentrifying, Class C areas and why proper management is so important to minimize these challenges.

Get a deal on a property and put a minimal amount of work into it to get better rents.

Here where I live in TN, I would have no problem having the bottom end at 67 or 68 because the risk of freeze up is minimal (I'm in the mountains).

Reading through some other forum posts, it looks like there are much simpler partnerships, entities, or offerings that would meet what I am trying to do:My Role:-Decide on properties to purchase, mostly SFHs-Establish LLCs or other business structures to hold the real estate and distribute returns-Purchase properties, using loans as needed depending on the ROI/cash flow desired from investors-Act as property manager for the properties-Depreciate properties held in business entities to minimize taxable income to investors-Distribute returns to investors-Create investments that have high cash flow (CF) and low appreciation (App) , moderate CF and App, low CF and high App-Find investors from connections, friends, and family with no public advertising-Advise in a minimal capacity on tax and real estate strategies-Send investment reports to investors-Be fiduciary to all investors-Receive compensation from PM and other management work I do related to the investmentsInvestors:-Can be non-accredited -Invest as little as $1000-Can use retirement accountsWhat references can people recommend for me to learn about business structures, partnerships, securities, taxes, or other topics to get me started on learning what will work for my goals?