Plus, it integrates seamlessly with accounting tools like QuickBooks, making bookkeeping much more straightforward.Whichever account you choose, look for one with no monthly fees, online banking, and features like automatic bill pay.

Turbo tax will prorate your depreciation for you when you input the purchase date but you need to input the land value (1/6 your PP in my example) and what % the rental is of the dwelling. 

You're in a good position, you just need to figure out which option works best for you. 

Quote from @Grant Shipman: Hey BiggerPockets Community,If you’re raising capital for real estate syndications, you need to be aware of SEC regulations—because one wrong move could put you in serious legal trouble.Many new syndicators think they can just start pooling money from investors without following the proper rules.

This is also why real estate isn't built up too much at once and comes and goes in waves.

.📂 Need forms or spreadsheets?

My Boulder units have still been 100% occupied, while Longmont and Denver units have had much higher turnover in 2024 than the previous 5 years. 

If not, how much are you all "throwing away" on rent when those funds could be applied to ownership?

Sellers and Brokers need to know you can close. 

As far as any specific requirement on California I would need to do some research for that.