Of course, with all things, the answers to all these matters will depend on the circumstances.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

I believe they voted yesterday to form a committee regarding new regulations on STVRs in the county.

It also is helpful to have a California LLC in case you ever sell that property and move into another state so that you do not need to form a new LLC altogether with new operating agreement, just re-register in the new state as a new foreign LLC.

I received an email the same day with potential properties, links to Google street views of the areas, detailed pro formas, and Zillow data for recently sold comps in the area.

Again, others might feel differently here.3) property level due diligence: (takes seconds to weeks per deal): here is where I drill in with the low-level details.a) pro forma popping: I examine all the assumptions, and see if they are overoptimistic or not.

Your best bet is to find a commercial broker and form a referral relationship with him. 

And most importantly DO NOT do what it looks like Lenza is hoping to do which is valuate a property based upon a pro forma's drawn up by a seller.

Cap rate pro forma 7.26%...better if you can get that $75k rehab budget downFor house hackers, it appears putting 10% down (if you could swing it) would be best.

Several weeks after sale,  out of the blue I received a letter form a creditor that there was a lien for $600 on the property PRIOR to the sale, that the builder never paid and now they are going to put a lien on the property against my name.

I wanted to keep it simple and form a single member LLC.