Self managed HOAs are usually undercapitalized so you want to take a thorough review of the condition of the community to make sure there isn’t deferred maintenance because you might get hit with a special assessment if the board isn’t setting aside cash for those capital improvements.At face value, taking into consideration my typical financial objectives, I wouldn’t do this deal unless it was a much lower price.

It’s the simplest way to get a feel of what it is like to be a landlord without going through the hassle of managing rehab projects.

Consider starting with house hacking to reduce housing costs while learning property management, or explore mid-term and short-term rentals for steady or higher income.

House-hacking with a multi-family property is a fantastic way to get started—it’s one of the best strategies for learning the ropes of property management while generating income right from the start.

I have a few rentals with section 8, and they are professionally managed.

I've managed a number of successful rehabs and put a lot of sweat into them as well.

These can provide good cash flow and are easier to manage than larger commercial properties, especially when you're just starting out.Also, when I was starting, I found local meetups super helpful.

The average rental is $1350 a month so you might be able to get someone in there at 1/2 price to manage the wedding venue.  

Even if you create a non-CA LLC, if you are managing the business from California, you will likely be deemed to be "doing business" in California and therefore likely subject to CA taxes.

We negotiated a deal with the owner for 20% Equity, we are responsible for infilling the community as well as property management (which we also get paid separately for).