@Jerry Zigounakis For your STR in Big Bear, forming a CA LLC is ideal for liability protection, even with the $800 annual franchise tax and possible gross receipts fees.

I mainly want to ask if these assumptions are reasonable and if there's anything I haven't considered:(1) multifamily units in NJ close to New York City, ~$1,000,000, 20% down payment, (2) Using the following assumptions: 4% appreciation rate, 6.5% interest rate and 5.0% refinance after 5 years, $10,000 yearly maintenance fee(3) ~$6,000 monthly rental and assume 3% increase yearly with 5% vacancy rate(4) Based on the above, the calculated IRR if selling at the 10th year is ~19% (considering tax benefits) and ~17% (without tax benefits).

Also never pay any upfront fees and go with a trusted lender who closes through a title company. 

I don't think he would allow someone that had to put the fee on a credit card.

However, calculate whether the investment—purchase price, legal fees, potential eviction costs, and rehab—still leaves room for a solid return.Risk vs.

Private Money Lenders (PML): More flexible, relationship-based funding with lower fees.

Property managers have established vendor relationships and can handle issues quickly.Cons of Hiring a Property Manager❌ Lower Profit Margins – Management fees (typically 8-12% of monthly rent) eat into your cash flow, which can be a dealbreaker if your margins are tight.❌ Less Control Over Tenants & Maintenance – You won’t be as involved in selecting tenants or overseeing repairs, which might lead to decisions you wouldn’t have made yourself.❌ Not All Property Managers Are Great – A bad property manager can neglect your property, overcharge for repairs, or poorly handle tenant relations, leading to unnecessary headaches.Which Option Is Right for You?

What I love the most is two fold, the interest paid back on the loan goes back to you, the fees to do this are extremely minimal. 

The management company replaced some of them, however there are still several other fees related to the theft that we are trying to get reimbursed for (they told us we would not be charged, they charged us anyways).

Obviously they would expect fees.