This is the same question you ask yourself when deciding on any aspect of your business.

He talks about a lot of aspects in real estate.

Also, by doing these recordings, you will force yourself to pay attention to every aspect and detail that might need attention, without really annoying the showing agent by slowing the viewing down too much.Lastly, go online and look for housing inspection check lists--there are dozens listed there, and then check for your local 'repair costs'. 

This works for us because we have some amazing employees who can do every aspect of a job minus HVAC and plumbing.

@Andrew MerewitzState of LLC FormationIt is normally advised to create the LLC in the state that you will be holding the real estate; Florida in this case.If you created the LLC in New York - you would be required to register the LLC in Florida; increasing your total costs.Please also be advised that it can be costly to form an LLC in New York.Location of CPAThe important aspect of looking for a CPA is that he/she understands the taxation of real estate.Technology(emails, phones, skype) allows you to communicate properly through an accountant eventhough he/she may not be in the same city as you.Florida does not have a state income tax.

Maybe something that allows you to network, establish connections, learn the business or aspects thereof.  

If you're worried about chain of title/name search and not being anonymous I wouldn't worry too much about that aspect. 

I have also seen some crazy schemes proposed recently using trusts and lending that I will steer well clear of as well.Bottom line, options are still a great way to earn an excellent return because of the leverage aspect, but it had better be legit.

Real estate is a wealth building tool - rate of return is one of the most important aspects of building wealth - and taxes really impact rate of return.A few "rough" numbers: Scenario 1) You have $150k of equity able to produce $38,400 in income (25.6% return on equity per year). 

And how do I go about the managing aspect of it since I'm new?