I’ve done a couple of fix-and-flip projects in the past using a hard money lender (HML), which has its pros and cons.I’m currently looking at a couple more properties and trying to decide if I should go with an HML again or explore other financing options.

Keep systems in place for managing documents and contracts.6.

I assume that's because its a relatively cheap project to finish a basement.

G'Day Alejandro,As a few have already mentioned, take a peak at Toledo also.In my opinion lower potential for long term appreciation but solid/"boring" cashflow.I prefer my portfolio to be "boring" but cashflowing lolLow entry points (Sub $100,000), high rents (Above the 1% rule).Blue collar working class decent folks that will stay and pay.Depending on the area but no derelict homes, yards well kept, cars with wheels and all tenants are employed.Plus, all are sophisticated enough to pay rent online so property management doesn't have to collect rents with bullet proof vests and shot guns lolI'm bias toward Toledo but it's worth considering.Wishing you much success

Even if you create a non-CA LLC, if you are managing the business from California, you will likely be deemed to be "doing business" in California and therefore likely subject to CA taxes.

In addition I heard that is better having one LLC for each property and one for management only.

I'm a local, CT based investor, flipper, and property management company owner.  

As a matter of fact, far too many these days don't write contracts or stick to their price commitments after the project is well underway. 

As a property management company in Washington, we help owners navigate these challenges and optimize profitability if they want assistance analyzing their property or planning future strategies.

Honestly, I never fully understood what they meant—until recently.I’ve been diving into some larger-scale real estate projects, specifically in commercial properties and multifamily development.