I don’t have any horror stories but every time I go to run a check the cost has gone up.

Mailing/emailing a notice to "start the clock" doesn't cost much and should be done to NOT lose time if tenant doesn't pay.

It costs roughly $100/mo but is well worth the expense.  

However, in California, each LLC incurs an $800 annual franchise tax plus gross receipts fees if revenue exceeds $250,000, and property insurance may cost more.

More work, more time but you can take advantage of a nice cost segregation / bonus depreciationThis is the truth! 

The forms are online, and it costs $100 per filing. 

Some even offer preferred interest rates as low as 5.75% at no cost to you. 

If you do find that the costs to maintain the investment property are too substantial and you'd rather sell down the road, it would qualify for a 1031 exchange since the property was held for investment use.

The community is also a wonderful place where we help each other win - along with some healthy competition.

Quote from @Patricia Steiner: There are several lenders who offer low/no closing cost options for first time homebuyers.