Hi BiggerPockets community,I have spent some time and been successful in the residential market (flipping homes) and wanting to diversify my real estate investment portfolio by venturing into rental apartments. 

As you prepare to rent it out, it’s great that you’re thinking ahead about the legal and paperwork aspects.

I buy properties in AS IS condition and  mostly in New Jersey area but I want to venture on other areas and help homeowners that are facing foreclosure.

This deal will be financed by equity and debt investments including angel, venture, family office, and limited partnerships.How did you add value to the deal?

Now in purchase money states like the were we live risk of a default does not exist.. but in a State like Texas a seller could get twisted up pretty bad.Thank for that insight, it sounds like you were well prepared to be able to just cut a check to take out the underlying mortgage when called.

You have to be prepared to move fast on what I tell you. 

When I apply for refinance, the bank will typically ask me for mortgage statement, how should I prepare one?

Fyi... you said the magic words "Californian" be prepared to be inundated with DMs from OOS agents.

If an Accountant, a CPA or a tax preparer or anyone who is giving you this advice ...... ( I am not saying anything ).Here is another think - as you are flipping properties you do know that you are supposed to pay estimated Income Tax on your gains.

And if necessary and she can't see it my way, I'll have to find a different tax preparer, I guess. . . .