California has a couple of additional hoops post foreclosure sale, if its a real foreclosure sale but its still pretty standard.

In addition to what others have said, keep in mind that New York City, San Francisco, Los Angeles, and other big league cities have the scale and mass to absorb tens of millions of dollars in investment without going "tilt."

These are professionals with additional training and a stricter code of ethics.

In your experience, how many properties did you manage locally before you felt it was too much and needed additional help?

In addition even with a lower down payment you should be paying significantly less per month even with PMI then you would if you moved into a single family house that you where fronting the entire bill for.

Show you are showing homes, working with clients, looking at neighborhoods.If there is a strong team at your brokerage, that is a great way to spend a year.

Consider offering the tenant additional support, such as help finding a new place to live or arranging for movers.

It provides additional liability protection beyond standard property insurance, which can protect your personal assets if the LLC's assets aren't sufficient.This post does not create a CPA-Client relationship.

Yes, we’d have no mortgage payment, which is huge, but the ultimate goal was to create passive income and scale upwards so that I could eventually retire and spend time with my family.

You're spending $400k?