If you can come in and operate effectively I think you'll find success rather quickly due to that.BTW - for a property management platform I would highly recommend Buildium.

The issue with section 179 expense is that you normally have to operate at positive income.Under most circumstances, bonus depreciation is better since you can take bonus depreciation even if you operate at negative income. 

I've been doing this 20 years, so know how to operate these.

One thing to consider since you are a California resident investing is the compliance requirements for LLCs incorporated in California or operating as a foreign entity here - the rules here are different than most states.  

Simple enough - except that he built a million dollar home in a $300,000 market. 

I get into contract in my operating company and then assign the contract to the new LLC prior to closing.  

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

The plan is to keep operating the property as a PadSplit post-acquisition.

You also have to build in holding costs, investor capital, operating costs etc.

I really believe in my hometown and have a good grasp on it so up until now- I have simple bought whatever I could as soon as the bank would give me a mortgage.