An additional factor when dealing with furnishings, you have more "maintenance" effort and expense cleaning or repairing chairs, sofas, etc. although some charges may go to the tenant, many will be "normal" wear and tear.

Technically Operating Expenses include the carrying costs (interest expenses) of the current portion of your long term debt (mortgage), though I rarely see real estate investors incorporate it as such.The key thing in the beginning is you allow for all of these items when analysing a prospect.  

Yes Brian, then you did good by calling, I bet she gave her opinion after you suggested incorporating a ROFR, I've never heard of an attorney suggest that on their own as they are very limited.Probably what is accepted everywhere is the locally accepted sale contract with the default provisions omitted or reduced limiting liability or the obligation to act, which may then amount to an option arrangement.

A few things that I have been growing any chair is growing my team.

Yes, generally an LLC incorporated in PA can own an investment property in Cleveland.

First I want to start by giving credit to @Steve Hall from Jacksonville....his reply in the Houston thread sparked this desire to start this discussion and I incorporated from that post. 

Yardi and the other products I evaluated (and many others I didn't) have incorporated double-entry accounting into their products.

Hey guys,A little about me:- Early/mid-career professional investor in corporate private equity- Live in NYC- Looking to invest in real estate as a way to diversify away from my fund since it controls my income and I have significant co-invest/carrry dollars at work in it- Looking to start off with a $50k equity check (all in including closing costs, rehab, furniture, etc)- Ability to leverage an extensive network of friends and family for a deal that might require a larger equity check- Very comfortable analyzing opportunities in traditional corporate entities but still learning the ins/outs of real estate investingI am trying to wrap my head around what strategy to pursue and in which market.

I try to tell them please just go on BP and read information and also you can go to book stores for free and sit on the chair or couch and read the beginners books.

If you also plan to do business in NC, a state might require you to register your NY entity as a foreign entity (If you incorporated in NY) in the NC as well.