Then my mortgage company had a list of things I had to submit, including inspections they performed, before sending back the money.I would think anyone with flood insurance would have to go through the same process of working with the mortgage holder to get access to the insurance funds.Now if the government steps in and offers money to affected homeowners, no telling what rules will or will not be in place around those funds.

@Gail GreenbergSince the IRA custodian has to perform the 1099-R reporting on all IRA distributions, yes the funds would need to flow back to the IRA custodian from the LLC bank account and the custodian would then process and report the cash distribution.

How do I go about performing a market analysis out of state?

I used a property manager, but they did not perform well so I became a full time landlord from 2200 miles away!

Obviously the partner in the market of the property will have more boots on the ground influence but that doesn't necessarily mean a large cut of that property if building a portfolio is the goal.

My broker was saying something about specific performance since the buyer waited until the Friday before closing to let the seller know they can't get in touch with the HOA may help her get out of the contract.

I come from a highly technical/engineering background which I could fall back on to perform a significant amount of the maintenance and operation.  

If you perform the repair personally, you have to be reasonable in charging fair market rate. eg. if it takes 1 hr of your labor for some handyman's work, $20-30/hr is reasonable, even you're probably paid much more in your own line of work.My suggestion is to first fire the PM who obviously wanted to skim some profit by inflating the repair cost while exposing you to lawsuits (remember you're in CA - a blue state and San Jose - a city with rent control).

They may require some type of experience and maybe some assets type of thing but your personal income will not be a deciding factor if the property has a history of performing well. 

One major appeal is that real estate is a tangible asset that you can physically control as opposed to the the stock market where we have 0% influence on our investments.