If we could time the market we'd all be billionaires.Between what is going on in the government right now and worldwide, I think there is increased volatility right now. 

Texas is one of the states that does not impose an income tax.However, the IRS and States tax residents on world-wide income.As a California resident you would include the income/loss earned from your rental property in Texas.Furthermore, if you operate as a separate entity(LLC Corp etc) you may be subject to Texas' franchise tax.More information of the Franchise tax can be found on the website belowhttps://comptroller.texas.gov/taxes/franchiseWhat area of Texas are you looking at?

Plus now my network isn't just local to me anymore, at this point it's really worldwide!

If someone comes to me, I'll send them your way.If you need help in your search or want to verify something don't hesitate to ask.For example: I have clients worldwide and things are just as easy as I e-mail them, talking on the phone.

@Erin W.From a tax perspective - As a California resident - you are taxed on "worldwide income" meaning you have to report every income you earned to CA and pay tax on it.This can include W-2 wages earned through your employer, real estate investments in CA and even real estate investments out of state such as Texas.Normally - to offset the potential double taxation - California will give you a credit for taxes paid to another state.

Every state tax return is different but ultimately you will only be taxed on your rental income.You may or may not pay tax on the rental business depending on if you are in an income or loss position.You will file a California resident tax return because you are a resident in the state.You will report your "world-wide" income on your california return which includes all the income you earned such as from your W-2, 1099 and even includes the income from your out-of-state rentals.To avoid double taxation - California will provide you a credit for taxes that you pay to other states.

I worked as a property manager for a time (regular rentals - not VRBO style) and we had a client, Baker-Hughes, the worldwide oil & gas company.

You would also report the rental income on your California return since California taxes worldwide income, but you may take a credit for any taxes you pay to Wisconsin on your California return.People typically hire CPAs in the state where they live, but that's becoming less and less of a necessity is this age of technology.

I think there are 100s worldwide?

Example 1: Homer Simpson is a resident of California and a member of an Arizona LLC called “World Wide Widgets, LLC.”