Getting rid of urine smell is very difficult and very costly.

A deal this small wouldn’t make sense as a partnership unless the original intent was to scale and grow together assuming this deal works out.In regard to the financing, if you can’t get it on your own without someone else’s balance sheet and income then it would be very difficult to untangle that partnership since he’d be a personal guarantor right along side you.  

It’s not just about the profit margin or the cap rate; it’s also about building trust in the community.

CA probate laws can be very difficult and costly.

It’s doable, just more difficult, time consuming, with a lot more “contacts” needed for each “sale”. 

Following Up + More details: @carolineOur utilities were also opened using an LLC but since the power had actually been shut off the problem mostly came from ICE sending someone out to turn it back on plus installing a new style meter (which had to be approved by our HOA but that was another matter entirely and not particularly difficult).Opening a bank account with BCR as an individual is easy and you can get an atm card in about 3 days but you will be limited to holding only a thousand dollars in it.

It's difficult to find fix and flip opportunities on the open market but can definitely be done.

This is the fork where I'm not sure if I'd be good to get some CRE exp and invest in learning about how to review deals for the next 2-3 years, or focus on generating revenue for investment purposes and watch how things are done as a LP.My personality more aligns with networking, reaching out to people, connecting, navigating difficult situations and finding solutions that work.

I would say the cash flow would go up every year and that would usually be the case but my son will be moving into one unit probably for just the labor to rehab the last unit (collected rent will go down for a year).After that rehab is complete, at market rent I would have about $8k/month cash flow with underwriting that most would consider conservative (for example $1200/month allocated to maintenance/cap ex). 

@Victor Yang To use the rental losses to offset any active income (W2), you'd have meet Real Estate Professional status (which would be difficult to do with a W2 job because you'd have to work more on real estate than any other job to qualify) OR have an AGI of $150K or less.