Who does he have to do framing, electrical, plumbing, HVAC, drywall, paint, tile, cabinets and counters, flooring, roof?  

A our most expensive items were AC units (I have yet to spend a single dollar on our tile roofs.) and they could be paid out of the current months rent.

When you zoom out and look at the big picture every rental property needs a total gut rehab every 30-50 years at about $50-$80 per square foot, which will long term wipe out all your cash flow and then some if you don't have corresponding appreciation to offset.I have been investing in Milwaukee for 15 years and it took me a while to see this pattern.

I can help you ballpark your ground up builds or renovations, or ad hoc questions like "What does tile/flooring/painting cost in $/SF?". 

I buy LVP, tile, etc at home depot because you can negotiate with them on price. 

Wood tile need in order to reconvey since the lien still shows up? 

Hold on, I have 2021/2022 on the phone for you, they're asking if you are interested in a 100 unit 1960's Vintage Multi-Fam property called  "The UnderWater" at a 3.5% Cap rate....Wait, Blackrock just said "Hold my Beer" and offered all cash at a 3Cap, something about subway tile Backsplash should double NOI in 3 months.perhaps modify "It is never a bad time to invest in real estate." to "at a good price". :) jus playin' It is all based on an individuals ability to invest in real estate in a ethical manner.

Seems like a good way to switch out patters and change the whole feeling of the kitchen with a cool pattern or textured fluting.

I am sure many others on these forums can share similar stories in their markets as the fact pattern is common, only the bank names will differ. 

The answer will be dependent on your fact pattern, so a general forum like this may not be able to answer such a broad question.With regard to the LLC structure, note that CA does not recognize series LLCs, and CA tends to have a broad opinion of what constitutes "doing business" in the state, and therefore, what LLCs need to report with the CA Secretary of State and file appropriate tax returns.