For structuring your business, consider whether you actually need an LLC or if umbrella insurance might be a simpler alternative.

See responses to your questions below: Correct, California is uniqueTo qualify for REPS you need to meet a number of criteria, including (but STRs that meet IRS criteria generally don't need REPS to leverage tax benefits): More than 50 percent of his/her time working in real property businesses; AND, More than 750 hours of service during the year.

I live in Boston, but I was advised to start my real estate business elsewhere as Boston is very competitive.

A formal business built on this seems overkill as you’re essentially paying someone for a service that already has standard model.If you and the parnter have distinct business tasks/abilities (i.e. not what you would hire an agent or contractor for), such as off-market lead generation, that’s a different discussion.

There are easily 5-6 meetings per week you can go to and learn from people who have been in this business for decades.

We want to grow our real estate business to be able to quit our jobs.

He became a contractor, worked hard, and grew a successful business that produced a lot of money.

Line Item Fee Collected Rents 10% of All Collected Rents New Tenant Search & Onboarding $500 Business Hour Service Calls $80/hour + Materials Cost + Tax After Hour Service Calls $110/hour + Materials Cost + Tax HVAC Cleaning & InspectionGutter CleaningSpring/Fall Exterior CleanupSeasonal Mowing & Weed TrimmingSeasonal Snow PlowingGeneral Contractor Vendor Cost + 10% Oversight Fee

We hope to hear from you soon and we appreciate your business.

I mean he did sell his Rehab business for $115M so im not sure that's a total lie about being worth that much.