I want to be covered when closing on this property.

Of course, with all things, the answers to all these matters will depend on the circumstances.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

Make sure the policy covers not only accidents on the premises but also any potential caregiver liability.Staffing: Staffing can be both your biggest challenge and your greatest asset.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

This exclusion covers your capital gain on the portion of the sale that’s not part of the exchange.3.

HVAC, Plumbing, Sewer, Roof leaks, etc. 

I love to purchase simple 3/2 homes that are a little older in good areas with somewhat newer mechanicals, HVAC, Roofs, etc. 

Screening  I hate to say it but make sure the company you use covers your state because they don't all make it obvious. 

As we flipped this ourselves from the roof to the flooring, we gained much respect to labor workers and realized even the tidiest things such as changing the outlet covers and installing new plumbing will take up a lot of time!

Plus, with your tenant experience, scaling up with more units under one roof makes sense!