Look forward to talking to you at 3pm"  I also do not receive a call at 3pm.Second text "Hi Jack I saw that you sent an online request about a home for sale. 

I found several online, but would like to hear from other investors what is the best option out there. 

@Jason Ma, those numbers are probably good estimates to start but what will really matter is the type of rehab and sq footage. 

I had read online average household use for a month is 3k gallons...Is it even possible for house to use over 13 thousand gallons in a few days ?

Either hire an Attorney to do it or you can go online with the state and file it all your self: https://www.nj.gov/njbusiness/registration/you will also have to get a FEIN number as well, which can also be done online.: https://www.irs.gov/businesses/small-businesses-se...and you can get an llc formation book/ binder ( usually i get the 1st one - #6) here: https://www.mburrkeim.com/outfits/compact.htm

This is a topic for each investor to cover with prospective management companies before hiring one.I know of at least one management company that recommends the owner pay for the renter's insurance (with the cost folded into the rental rate) and advertise that fact as a marketing matter. 

Thanks Mihir, I was wondering if I could find those actual numbers online instead of through the seller or the seller's agent. 

It doesn't matter if you have just a couple of rentals or hundreds. 

If you and your wife file separate returns that is a whole different matterState vs fed conventions can get messy but doesn't matter what state it is in for purposes of 1031.  1031 is a federal statute and community property is a state convention. 

It doesn’t matter to me if other people are just barely covering their operating expenses.