Market OverviewThe Los Angeles hospitality market showed strong recovery and growth in Q1 2024, with key performance indicators demonstrating significant improvement from the previous year.

From what I'm gathering on this thread, though, it seems like there wouldn't be anything to "preapprove" if the intent is to use a portfolio loan; you'd have to have a performing asset in place in order to demonstrate an ability for the investor or LLC holding the property to pay back the loan, and you'd run the risk of leaving all your capital tied up in the property if you were ultimately unable to get approved for that portfolio loan when the time came. 

You get the card, put it in a drawer, and never use it, but you will build a credit history based on their performance record.Work hard and save money.

Professional management and screening will have the largest impact on how your investment performs month to month from a cash flow perspective. 

However, I’d think most contracts have a deadline for performance where you can then terminate and get your earnest money deposit back and move on.

This is accurate.

Recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

A cap rate is independent of debt and assumes you have accurate expenses which you'll almost never find on residential property.

Less risky, because it's still a roof over your head and you can see what performs the best.Good luck with everything!

It shows the properties in this neighborhood range from 22K-70K, which would make this property 17% above the high end of the market.The projected renal income also seems to be a bit high, but if the property really is at the top end of the market (like the pricing would suggest) this might be accurate.If you assume the above rental estimate is accurate that would take this property from being above the 1% rule to below.Overall I get that on a listing you would want to be aggressive, but the price seems very aggressive.