I would rather do that and never have rent be a reason for a landlord's #1 expense: turnover.

California is expensive!

We always do our deal analysis so at 65% we cover all expenses plus P/I so you should do well.   

New construction is always the most expensive way to go. 

Quote from @Corinne Snyder:Hi Michael, my CPA will not allow me to claim myself as a real estate professional with my one rental single-family home rental property because I do not spend enough hours per year running it, therefore he won't allow any overhead expenses to be claimed; only expenses related to the property directly.  

I got a good deal on the property, but the list of fixes has gotten longggg and expensive. 

Specifically I now track month end account balances, maintenance expenses and have a detailed list at my fingertips of the tenants that are late on their rents.

Explain the situation and offer to pay 1/2 of the expense.

A and B areas in L.A. will be very expensive to buy in.

Digitize physical receipts for easy storage and use a consistent naming convention for easy sorting - 2024.03.25 Home Depot.Maintain proper records, such as contracts, settlement statements, and promissory notes.Additionally, you can track income and expenses consistently using software or spreadsheets.As you scale, if bookkeeping isn't fun, consider hiring a bookkeeper for a couple hundred bucks per month.