Originally posted by @Eddie Torres:@Natalie Kolodij Standard or foreign LLCs in California still cost $800 annually unfortunately.  

Turbotax isn't going to educate you so unless you'd like to educate yourself and potentially make some costly pitfalls, then I'd outsource.

In a great and popular location with rising rents and upside on price with renovations but also that will cost in the short term to improve the property. 

I get it...I get emotional with properties and buy into the sunk cost fallacy too.

At the end of the day; you need more money to do something like this.MAX LTV on new builds is 80% LTC, Meaning if the build is $550,000 and Land is XAdd ($550,000 + x ) * .8 = LOAN AMOUNTYou would need to come in with MINIMUM 20% of the cost in addition to closing costs and reserves, $80,000 is not going to cut it for this project.

While this can maximize leverage and ROI, challenges include getting lender approval for seller financing, high carrying costs, and the pressure of short-term loans.

The best place to start is with a spreadsheet that has every every cost itemized. 

That's not the same as paying cash.According to a different post, your credit card debt costs you $600/month.

New year, new laws (Senate bills 205, 206 & 207).Effective January 2, 2025, Michigan landlords can no longer consider a tenant's source of income when screening them. 

It’s a cost, but it saves time and headaches.5.