So, if you create an LLC in another state, you will likely need to register it as a foreign LLC in California.

@Andrew Syrios I will try and track down the source, but I read somewhere that the money has been spent and it will not be refunded by the county and they’re unsure how they will remedy it for owners, but I don’t expect any money back 

If your expenses associated with the rented portion exceed the income, you may have a tax benefit if you are eligible to deduct passive rental losses from your other sources of income.

What I read and understood from another source is that my wife has the 750 hours needed to qualify for Reps by herself (since she is in the real state business as a realtor selling and buying homes for her clients).

What this CEO was referring to is the government’s support of housing through the GSEs, which provide very good loan terms for multifamily owners, and his statement was that this is a good source of takeout financing for their borrowers.  

What source do you use for:- screening criminal background- how much they make- any step by step that would be good to get them in. 

But from our clients, we don't get pushback on this, as they wouldn't even have the opportunity to flip the house if we didn't source it for them.

With interest rates and prices skyrocketing, I believe this strategy has the potential to become a hot trend in our area.My plan is to acquire properties via seller finance or subject to, optimize it for this strategy and then repeat the process to multiply and increase income sources.

AND, if the LTRs are out of state, you will need to register your LLC as a foreign entity in the state you are operating in if you are being paid from that state.

You can usually register a foreign LLC in a different state for a fee.