We have one property already as our primary home with a plan to buy another house and rent out this one.

Sounds like you have a good plan moving forward for your investments and great markets selected for BRRRRs. 

However, you can claim a tax credit on your California return for taxes paid to Oregon, mitigating double taxation.If you only plan to own this one property, consider using umbrella insurance as an alternative to an LLC.

Am I ok with this plan to ride up the appreciation, mortgage pay down and rising rents?

One is under contract in which I plan to 1031 into something larger and the other I just plan to keep as the contract expires soon.

Sounds like a great plan. 

To do this legally, I know plans need to be drawn and submitted to the Planning Board.

NYC laws around rentals—especially short- to mid-term—can be tricky, so you’ll want to avoid any compliance headaches.The biggest challenge with this plan is finding a rent-stabilized apartment that makes financial sense and actually gives you breathing room.

Dennis' dad and I actually tripped over something similar back in Chandler.. we learned to tap into city planning websites and even call the permit offices directly to get a real sense of their backlogs.

Scott Bessent has officially taken the reins as the 79th Treasury Secretary, and his plans are already making waves.