In addition, you would need enough working capital to pay for insurance (which will be going up a LOT in Los Angeles) and to pay for property taxes.Don't buy this unless you have substantial resources and a cash cushion to keep yourself safe.

Going live as a STR in 2 weeks Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I work with Property Management in Houston but can recommend some great networking/educational events for you :) Check out Space City REI - there's monthly meetups with an educational speaker relating to real estate investing and there are plenty of Investors looking for Wholesalers out there! 

City Hall want to keep small town small, does nothing to promote town Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Then I work with a local insurance broker give them a valuation of the property, explain that the property is being rented and by how many people.

. $40k a year for not doing much is a great investment on $40k unless you are putting in a ton of work into the property.Who operates the property?

I've worked with many many real estate investors and I've noticed a lot of new investors put wayyy too much weight/emphasis on structuring out their LLCs.

Hey Todd, that’s a real juggling act you’ve got.. balancing one home in Florida with another new purchase in Oregon.

I see value in working with people who want Midwest entry level homes and as well as the higher end New Construction stuff in growth markets.

After closing, work on increasing your income, reducing debt, and preparing for a second mortgage.