I am starting from ground zero, with no prior background or capital to invest, but with a strong desire to create passive income for my family.I currently work as a middle school teacher in California, and while I love my profession, I have a strong desire to explore avenues that could potentially provide financial stability and additional income streams.

If you are planning to manage other people's rental property you will need the license prior to receiving any revenue whatsoever.

Both Agent and ownermay cancel this Management Agreement by giving both Agent and Owner a sixty (60) day written notice prior to the end date of the Agreement.The management fees associated with the initial (12) month Agreement and any successive terms must be fulfilled regardless of when managementservices actually terminate.

I know because I have done hundreds of appraisals as a fee appraiser prior to going into lending.

The lender will qualify you (there's a rather 'red flags list' that is used) - as well as have you sign all the occupancy declarations - that pertain to the financing prior to closing.

I am not in the Los Angeles market, you will want to get referrals to a rock star eviction lawyer prior to the close.  

My NET operating income (what actually matters) was 60k less than the year prior. 

If so, I always recommend getting the study done prior to rehabbing. 

The LA Chamber of Commerce says they are: https://lachamber.com/news/2023/06/05/press-release/a-recent...I believe there were only three states losing population prior to COVID (NY, Cali, and Illinois), and they continue to lose population today.

You’re totally right, these are things I didn’t do prior to purchasing.