But clearly other items are required because some that have 5 star are not getting the distinction 

Taxes are easier as well since all expenses are itemized for you in the monthly statement.

We suddenly had 2 homes and began exploring what our options were and that is when we discovered the intriguing world of REI and tapped into Bigger Pockets and Better Life Tribe, etc. to begin our education.In the time since his death and the probate process we have been paying his mortgage off and selling items from the home which we have been maintaining.

Due to item 1, adding an ADU can require years to start achieving any return (once the accumulated cash flow recovers the initial negative position).4) Adding an ADU is a slow process.

However, while we were cleaning up, we treasure hunted out at least $3000 stuff, including $300 cash on the floor, several un-opened Amazon boxes, new-in-box computer/gaming items, hair tool ($300), YouTuber's gadgets, new with tag heated jacket ($220), an unassembled exercise bench ($500 at least), so many new or near new stuff that you can sell.

Door lock, detector batteries, other consumables, replacement of damaged or disappearing items like pool towels and linens, replacing blown out screens (I spent over a grand just on screens last year though we did have a freak huge hail storm).

It's used to save money for sure, but it is a good item, even plywood will delaminate & mold from an ongoing leak.

I plan on fixing the punch list items once the tenant vacates, so that the home will pass the Section 8 inspection.

I would guess if you do have 500k in equity you could probably outproduce the cashflow in most markets oustide of CA, and could possibly diversify into more than 1 property.Just some food for thought.

There are quite a few action items  most real estate investors fail to implement that are far more helpful with respect to asset protection than merely creating an LLC.