Hi David Oh-You asked about a profit sharing bonus for property managers to give them an ownership mindset and incentivize them to align with your goals for quality property management.I love this idea.While I do not have a formal profit sharing plan, I always like to recognize the property management company with gift cards to the operators and the people within the property management company I have regular contact with that help keep the property running well and keeping costs down.Related to this, a handwritten thank you card to the same people periodically goes a long way.I also like to do the same for the tenants that have been paying rent on time.To your success!

There was an onboarding phase, which was mostly about uploading our financial docs and answering questions.

Your dentist has $4,000,000 in his 401k plan.

Would love to hear your plans. 

My plan is to buy the house subject to their existing mortgage, renovate the property, refinance it and pay off their remaining loan balance using the money from the cash out refinance.

To really give you good feedback on this, we’d need to know more about your goals and your current financial situation.

However, you can claim a tax credit on your California return for taxes paid to Oregon, mitigating double taxation.If you only plan to own this one property, consider using umbrella insurance as an alternative to an LLC.

It would cost a lot to get the planning approval and do a complete renovation of the 2 units.Can anyone suggest what would be my options at this point?

Good call, getting multiple bids is definitely the plan.

It's mostly Class A properties, a few Class B.You may find the below copy & paste info useful in addressing your question:----------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?