Yes, I require renters insurance.

It's easy to obtain, costs very little, and doesn't require extra, on-going effort to maintain.

So, not really passive.Investing in rReal estate offers a lot more control than investing in stocks, but it also requires an investment of time to do well.

These types of properties require experienced management to navigate the challenges effectively.

While this is a great and highly motivating goal, most people are either clueless or incorrect in their belief as to what is required to obtain this “lifestyle”.Understanding of the “how to” get there is further obscured by the misleading, and often patently false “pathways” sold by real estate educational MARKETING companies as workshops, upsold to association memberships, upsold to mentorships.

My experience has been that although I outline the requirements for tenancy in my properties, both brokers and PMs still send people who would qualify for most property owners but do not meet my outlined criteria; and then are SHOCKED when I reject them.  

If the LLC and its income are entirely outside California, it typically does not require registration with the California Secretary of State (SOS) or payment of California Franchise Tax Board (FTB) fees, even if you reside in California.

The income requirement was $6000.

If you give someone over 19% membership interest in the deal, the bank will usually require a personal guarantee from that individual. 

If you don't have a US-based bank account, I would get one as that's a requirement by most lenders.