As you probably know, California includes all foreign immigration - both legal and illegal to boost the numbers.

Thanks for the feedback; some quick stats: 9 doors across 4 states, about 50% LTV ratio with a Net Income of about 17% and cash on cash of about 3%.....in fairness those numbers include some overall business expenses not tied directly to one specific property.

A broker shall not be responsible for supervising, nor shall the licensee be responsible for operating, within the scope of the brokerage or within the requirements of this chapter, activities that would be considered property management, including leasing, maintenance, and repair, so long as the real estate being managed is "individually owned" or "entity-owned" as defined below:(1) "individually owned" real estate is real property in which the licensee holds an ownership interest; and(2) "entity-owned" real estate is real property owned by a corporation, limited liability company, partnership, or trust, within which entity the licensee holds an ownership interest as an owner, trustee, partner, or officer, or in another beneficiary capacity.

Including thinking about moving your investing a little west into GA if the SC tax situation haunts you.  

The risk is not including due diligence caveats in your offer, like inspections.   

I was chatting with some of my lending buddies at big banks and they are all backing away from the CRE space including office because operating costs are increasing more quickly than rents.

Including one by Michael Blank.

Many hundreds of wasted hours, that if included, would wipe out a significant amount of earnings. 1.

True, but (a) they were typically experienced investors, and (b) today's market includes record prices and high mortgage rates, which is a double whammy. 

However, if you sell instead of rebuilding, the IRS may include part of the payout in your taxable gain unless reinvested under the §1033 involuntary conversion rules, which allow you to defer taxes by purchasing a similar property within two years.If the property was your primary residence, you may exclude up to $250K (single) or $500K (married) of gains if you lived there for at least 2 of the last 5 years, likely resulting in no taxes owed.