I think op is in a fabulous position with 2/4 properties free and clear so if wealth creation is the goal, acquiring assets is the step.

Those local investors who wants to share ideas, inspiration and wealth creation.  

Thanks in advance Christian,Fellow Californian here...The most important market metrics are: rising median income, job creation, and population growth.You also want to be aware of new unit construction.

There are very competent, real estate friendly CPA firms in Biggerpockets willing to take you in and provide the necessary legal guidance for your LLC creation. 

So, in the long run, I see prices and rents will rise due to the increase in population, the creation of new jobs, and the land shortage combined.On the water situation, some clarification.Colorado River water is divided between 7 states, and Nevada is one of these states.

With buy and hold, there isn't as much pressure from holding costs, there is more ease of getting low-down loans like FHA or 203k, and there is creation of equity.

Dates of creation matter, and usually the last document created clearly states, 'this document supersedes and rescends all previously exiting writings.' 

You can either become a hard money lender yourself, which requires starting a company, website creation, legal assistance, program creation all to find yourself marketing a product that you have possibly little experience in, and potentially losing money for awhile . . .

So, I need some advice on how to cut some on this project; here is the budget...............Demo- $2800Roof- $4800 (fix roof on addition and raise roof in kitchen)Gutters- $1200 (replace gutters)Siding- $3500 (replace with new siding)Exterior Doors- $1800 (replace 3 doors)Shutters- $600 (add to front windows)Exterior paint- $1500 (paint cinder block, trim, porch, columns, shed, etc)Landscaping- $700Windows- $3000 (replace all windows{14} except 3)Walls- $2500 (open up 2 walls from living room, dining room and kitchen)Drywall- $4500 (replace all ceilings, repair and patch as needed)Rough Electrical- $4800 (bring up to code, install new outlets, GFCI and ARC fault breakers, move electrical in basement to free up ceiling space)Finish Electrical- $1600 (replace all receptables, outlet covers, switches, switch covers, light fixtures, and ceiling fans)Rough Plumbing- $3500 (replace water heater, relocate/replace plumbing to free up basement ceiling space)Finish Plumbing- $700HVAC Rough- $4500 (Replace oil heating furnace and add AC unit)HVAC Finish- $400 (replace covers)Ductwork- $2500 (add new ductwork, registers, and grills)Kitchen- $10,000 (add bar style pennisula with cabinets, replace all cabinets, add grade A granite, create pantry, replace flooring, glass backsplash, new appliances)Bathroom #1- $3500 (bathroom #1 remodel)Bathroom #2- $4500 (basement bathroom creation with injector pump)Interior Paint- $2200Interior Doors- $600 (replace all with 6 panel)Baseboards- $3500 (replace all baseboards)Flooring- $4500 (replace with new hardwood)Carpet- $600 (in basement family room and bedroom)Finish Basement- $7500 (framing, insulation, drywall, trim, etc.)Leveling Basement Flooring- $5300 (tear up concrete and relevel)This is an older house with older doors, molding, finishes, etc.; nothing really has been updated.

But the bottom line for tax reform (a la the Fair Tax) is to fundamentally do away with the tremendous drag that our government places on wealth creation to fund its offerings, rather than to place the burden on consumption.