Assuming I will be doing more than 3 closures per year, should I just go ahead and hire a licensed/bonded loan officer to do my loan originations as RMLO?

I assumed we would be able to file taxes for this LLC as a disregarded entity since we are married and in a community property state.

I assume 15% of the rent for regular repairs and capital expenses (roof, furnace, windows etc.) and 5 % of the rent for vacancies.

To give you an idea of how we approach it, we assume the worst-case scenario right from the start is 9-12 months of no rent, $5,000 in legal fees, and an additional $5,000 in expenses to deal with moving their stuff, putting it in storage, and dealing with health code violations or NOV's from the city during the process. 

An umbrella has nothing to do with those circumstances.I think some people hear umbrella and assume it's some sort of magical insurance that will protect them if anything goes wrong. 

After that, they have returned 2 more times and I assume they are going to do their best to be allowed to get in the property.

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

I will assume somewhere in the lease it states that the tenant is responsible for a basic maintenance and upkeep of the property.

Question: assuming an ideal brrrr that has all investment extracted at the refinance, why would you choose a low cost market over a high cost market?

From a tax perspective, I am assuming you would like recognize $0 of the gain on your property in this potential 1031 exchange.