Appreciate the response.

Yes, I've closed on 4, rehabbed them, and they are all rented with tenants in place :)OK, and for these deals, I assume you use your own funds to acquire and rehab.With private money, you're now substituting some individual's funds for your own.However, unlike when it was just your money, you'll need to proceed with extreme caution to make certain your lenders are well protected if/when things don't go as planned.Private lending is its own whole profession.

Of course, this is only the case if you are the one responsible for the roof and not an HOA.To dry out, we will send a vendor with dehumidifiers.

You came to the right platform with many individuals like yourself! 

... as I own my RE portfolio via my single member LLC is there a process that I can setup wherein the event of my death that LLC passes to my designated individual along with the assets owned by my LLC? 

In your case, with a history of passing audits and having a CPA who is experienced in IRS representation, you're in a strong position should an audit occur.Regarding audit statistics, the IRS generally audits fewer than 0.5% of individual returns, with even lower rates for those earning under $1 million annually.

Conventional loan with a down payment from my individual income.

I’m based in Los Angeles, CA, but the distance didn’t matter at all because she was always responsive, proactive, and kept me in the loop every step of the way.

You are responsible for obtaining your own casualty and liability insurance. 

Thanks all for the responses.