I'm located in the Southern California area...Orange county to be exact.I would love to see a copy of financial statements from someone in the industry, so I can simply see a example of what type of expenses & margins I can expect.. 

I'm simply looking for advice from people seasoned in this field and to try to continue gaining as much knowledge as possible.

For instance, in your example (btw, we have had multiple occasions where this happens in the past few years) if you paid $200,000 for the house, put $40,000 into reno, and then closing costs, commissions, etc. were $15,000 you would simply add all this up and that is your basis in the property.

I'd definitely recommend not going with an LLC in CA simply due to the franchise tax and the admin burden here.

Collections are simply high there.South Shore is "C" housing. 

ONE many investors simply would never qualify for a loan from a Commercial / community bank and the full loan doc process..

Patio screen door has many holes - replaced with new screen.10.

It's understandable why many investors and/or accidental landlords would opt to simply self-manage.

I don't know the cost of your fridge, but my CPA would simply expense it.The funny story is a rehabbed a house, bought appliances in a refrigerator, hot water tank and depreciated the entire rehab over 27.5 years.  

There is simply way to many things that can go wrong building a new home with zero experience.