The $40,000 was created from money in my asset column in the form of a promissory note from the buyer.

The average person can totally achieve financial independence easily with education, self-discipline, and consistency. 

You then file the annual report each year and continue to fork over another $500 annually.Next "cheapest" will be legal zoom or a similar service, I believe they'll help roll the registration with the state into the start up package.I use "cheapest" in quotes - the primary purpose of an LLC is typically to provide some level of asset protection. 

But in general, the physical asset, the finances associated with the asset, and the location of the asset are a great place to start when evaluating a property.Good luck!

You can buy a  brand new house in a great area and have a great asset. 

So 30k in interest payments on a primary would only net most people an $800 tax deduction since they would have already got the standard deduction by default, where as 30k in rental interest would translate into 30k in deductions.This means that for an awful lot of people, they effectively don't get to deduct the interest on their primary.Keeping the loan on your rentals, while getting rid of the loan on your primary also helps from an asset protection side of things. 

It is a bit cumbersome ... having to financially vet investors (DRE form 870), provide MLDS (DRE form 885), getting signed statement from each investor that their investment is not more than 10% of their net worth, DRE reporting, not to mention it's somewhat like herding cats. 

@Jay BenIf they have audited financials then you could ask them to authorize the cpa to send to you.

I used to use Stessa for financials....but it broke with the more properties and more accounts I linked to it. 

Your experience with fix and flips is a valuable asset.