I'm a Ny'er and own a wholesaling business in the Milwaukee Market. 

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.

As to structure and conflict of interest, I was initially planning to structure it as an equity fund but was told it might be more attractive to investors as a first lien debt fund and to use it as a bank for the LLCs deals.

To make taxes easier we set up a business checking account and had all the rent paid into that account and all the expenses paid out of that account.

Colder climates see fewer moves in the winter, and things really slow down around Thanksgiving and Christmas when people are busy with the holidays and family.Second, talk to your PM.

They have a list of vendors that want to keep them happy because of all the business they do.

@Khaled Seirafi what business would make the mistake of providing BAD references?

@Matthew McleanBigger Pockets is a great place to find an accountant specializing in real estate taxation.A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant specializing in real estate taxation, business taxation, financial planning and tax planning.Consider working with your accountant remotely to expand your options.I would also recommend looking for an accountant willing to work with you throughout the year.

." - Exactly it's a business and there's little grey area when PM is done correctly. 

I'm happy to share some tips about purchasing an STR in a different state.I joined Stayly Academy, which helped me secure a lease property under my business name and utilize it for short-term rentals.