You will have to source these properties from a wholesaler, where you will have to put down hard non refundable assignment money at the assignment of the contract, or source them yourself.The steps to follow for a subject 2 property are as follows:1.

They claim that their clients are seeing a large return on their investment but would love to hear from somoene who has actually worked with them. 

Frankly owning 30 properties in 30 different LLC's would be a migraine come tax time to get returns prepped.

This might not reduce your taxes, but it's a better use/return for your money than paying down a 4% or 5% mortgage. 

and it's not only not cash, it's expensive money - for it to be worth using you'd need either (1) something short term, like a flip (not recommending that here) or (2) a very high return that beats the interest rate you're paying on it.

Typically, as I'm searching for further acquisitions, I don't even consider deals that won't return at least a fast 300%, with no further CapEx, just by clipping-and-flipping.

Joe its all about NPV  and rate of return for investors.. either way your going to take a pretty big hair cut out of your equity to do what your wondering about. 

Granted, after 30 years the place is a pig sty, but if he goes quietly, no malicious damage, I would most likely return his damage in full. 

Excluding the periods of “tulip bulb” irrational exuberance, a property must produce enough of a risk adjusted return to satisfy both the ROI demands of the “limited partners”, and the income/time requirements of the sponsor.  

Even if you create a non-CA LLC, if you are managing the business from California, you will likely be deemed to be "doing business" in California and therefore likely subject to CA taxes.