Welcome to BP Frank and best of luck investing!

However I believe it’s great to have two independent sets of eyes (in addition to your own) on the books to make sure everything is accounted for and running smoothly.

@James Anderson, Realtors can potentially have off market deals to share.

The previous owner actually offered it to the tenant, which in turn, they reached out to me.

Syndicators do not collude with each other to keep returns to investors down.

Ditto to all of the above.  85% is very doable with a strong credit score, strong dscr, but yes, the rate is going to be higher because of the higher leverage.

Optimize now to fill the vacancy quickly.

I think the rate for 30 day delinquencies slightly fell and remains very low historically.The problem with these types of articles is they just state numbers without comparing them to what the prior numbers are.

March 2, 2025The Treasury Department is announcing today that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either.

You can explore the list of California "non-conforming" rules here:https://www.ftb.ca.gov/forms/2022/2022-1001-publication.pdfWhy did CA decide to not conform to (in other words, ignore) so many Federal tax rules?