Communication has been a major issue, and I'm finding it difficult to get timely updates or clear answers from them.Given these challenges, I am losing faith in their ability to manage the property effectively and am seriously considering switching to a new property manager.Has anyone experienced similar issues?

They know you likely wouldn’t file a CA tax return - since you live out of state - so they found a way to make sure you do.Since you are losing money, most likely you can deduct losses against income and get the withholding back when you file a CA tax return in April.Confirm this with your tax person.

The real benefit of using leverage is so that you are not burying your cash in the dirt and can access it when things do go wrong without losing the property.

Given our current properties, is there a creative way to do the financing that would allow us to buy the beach house without losing our current rental income ($6250/month) we are relying on? 

It's important to understand if this can be corrected or if you are putting off the decision to lose the liability which only costs you more time and money.

Pro-rate the rent and save yourself a lot of grief from an issue you would surely lose.

From our calculations, in 2024  we will lose 1/2 our income on this single-family property in Florida.Any suggestions on our response to the PM?

We found that for every 100 sq ft you build over 1600 you lose about $10 per sq ft off of the resale so our underwriting has $200 a sq ft resale or about $340k.

Have you ever heard of a Landlord being sued by a Tenant and losing property?

So his 12% rate on 10 mil of loans jumps to default interest rate of 19%.. and long story short they cant work it out and he ends up going BK and losing all his business..