It'll be interesting to see how this plays out.

•My California LLC serves as a holding company for my out-of-state LLCs that own the individual properties.This structure keeps things organized while ensuring compliance with both states’ regulations.As for your bonus question, it depends on how the property was purchased.

I have spoken to my neighbours but they do not know who the HOA board members are ( it is a large complex with 100 + townhouses).It is very strange but it has not proved to be a problem in the past as the management company deal with the properties externally ( eg painting ) and the common parts and have always done so competently and individual oners deal with the inside of the properties.They are now proceeding with the painting without doing anything about the termites.

Again several factors at play but just providing information based on your criteria.

The property is a 4-unit building, in a good location for the aforementioned play.

There's so much content and so many individuals who push inexperienced investors to take action before they are financially ready while downplaying the risks, particularly those associated with  properties in lower tier neighborhoods.

@Yixuan Du I would recommend going to local Real Estate Investor meet ups in your market to meet like minded individuals like yourself who have already done what you want to do.

@Marian Smith@Lena TruongI have bought notes from them and the individual who runs AHP is well respected.

Private financing where an investor can get a loan from an individual rather than a conventional loan because you can get more leverage and have more room to negotiate

The smart play would be to build a two story wood frame structure on top of piers or concrete block in most cases. 35 feet is a pretty typical height limit in most neighborhoods, so depending on elevation you SHOULD be able to build two stories on top of the elevated foundation.