Include all expenses like property taxes, insurance, maintenance, and property management fees if you’re not managing it yourself.Network Like Crazy: You’ve already made a great first step by joining this group!

If not, then what he is trying to do is to avoid his reputation going down the drain and lose any future credibility and trust in the future. personally I am just familiar with the basics of buyer seller representations in a general sense you will need a FLA Broker or Attorney to describe to you based on the documents you have if there is a Duty from the agent on this transaction..

Since you’re considering converting the upper unit into a short-term rental, you may also want to implement strict rules around smoking or strong odors in your house rules to avoid future issues.

In California there is $800 franchise tax per LLC per year, which discourages a lot of RE investors from getting an LLC.

The owner was motivated due to personal circumstances and wanted to avoid the hassle of listing the property publicly.

At the same time I find myself participating in other forums I used to ignore, like the taxes and short term rentals forums, because those have become bigger focus areas (and pain points!)

It's a more affordable market and lower property taxes, so you may actually have a chance to cash flow.

As more people placed more properties in STR inventory, and as more municipalities taxed and regulated the industry, the profitability of the overall industry has reverted to a much more aligned (lower) risk adjusted return.  

That's $1,600 per month plus to pay debt, plus at least $400 in taxes and insurance.

You payment is $2,600 plus tax and insurance.