Depending on how many properties you have that may be overkill.

It depends on the goal, are you trying to build wealth or cashflow.

Congrats on at least taking action.You've got nothing budgeted for vacancy that I can see; it depends on how much turnover there is in your market and what your prices are like compared to the rest of the market, but most people would budget 1 month of vacancy/year/unit.

Of course, with all things, the answers to all these matters will depend on the circumstances.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

@Ian McClureI would say it depends on the tenant and what they are needy about.

If only someone had written a book to help people like you.I prefer you spend some time educating yourself before jumping in, but that depends on how bad the PM is and how quickly you can educate yourself and take control.If you choose to terminate, read your PM Agreement carefully to see if there are any termination penalties.

And yes, sometimes you have to pivot depending on other parts of your portfolio.The issue is that a flip is higher end finishes and amenities than a long-term rental so you could overdo the market if you have to rent it and get less of a return for the finishes.

I think it depends on the problem.

For example, for rental properties, lots of the categorization depends on the REI's specific tax strategy regarding what we're capitalizing versus what we're immediately deducting.

Depending on how much liquid cash you have, you could also invest too on the side if you are looking to scale rather quickly.