Most commercial lenders do not require any seasoning for that entity which means that you can create an LLC and use that entity to purchase the property immediately as long as you have the proper documents.

California's probate rules can be drastic in the event of death that having a proper estate plan in place can help in any number of situations, including if just traveling or incapacitated.These are all things you will want to discuss with your attorney and CPA.

Take ownership of your mistake and learn to do the proper due diligence recommended above😊

I would pick a market area you like and start doing a bunch of deep dive deal analysis, but from a rental and not a life style standpoint.  

It's properly leveraging (not over leveraging) the asset that pays off.  

Structuring the agreement properly, outlining how profits will be split, who covers the rehab costs, and what the timeline looks like can ensure the seller feels confident in the process.

Instead of following trends, tailor your space to the lifestyle of your target market.

All help is appreciated and I feel really bad because my other tenants go to work and have children that go to school and they are not able to sleep properly because of the loud music. 

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

A tax advisor can help with deductions and proper reporting.