The important things to consider about HOA fees is that they usually include some utilities: Water/Sewer, Trash, sometimes shared amenities like gym, clubhouse, pool, and they are saving you the time and headache for property maintenance: lawn care, tree timing, roof, siding, etc.

Include a lender in your conversations that specializes in working with investors.  

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

It’s still a worthy strategy to force cash flow that’s rare to find in SoCal, especially if you can reduce the cost of construction by doing a conversion/using an ADU grant or even buying a property with an existing ADU In general, even if the ADU valuation matches your cost including grants, they are usually not worth it in southern CA in single family zones. 

Their advantages include house hacking which includes better finance options and hustle.My last purchase was so large cash negative that the rents were $3k less than PITI.  

Does that include any utilities? 

The crash caused significant structural damage, and the driver fled the scene, later reporting the vehicle stolen.

Red flags for me include people who are overly optimistic without considering risks or those who don’t seem to have a clear plan for their contributions to the partnership.

To determine price range, the first step is always figuring our how much you are pre-approved for; and that can vary significantly when you are looking at multi-unit properties because of the additional variable of rental income that can be included in qualifying.

I keep scans or pictures of all of all letters I send this way including the letter as readable before it goes into the envelope which includes the tracking number written on the letter, plus the filled out certified mail paper and the envelop after its addressed.