Quote from @Jonathan Soto: great write up. thank you for taking your time and going in to detail. i have been looking into a business for myself but havent seen much in biz bysell that make sense. just need to keep searching Try looking into Crexi and Loopnet too, I find all different kinds of small businesses for sale on those websites compared to Bizbuysell.

I did a quick google search yesterday trying to find one in my area and got a lot of corporate type responses eg fill out this form and check the website etc.

John Yes, that is precisely why I think it is overrated with respect to cashflow, it is very difficult to find a property that will leave you above water after doing the numbers.

How much of this do you feel you need to supervise, and how much can you say "be respectful" and have them work out? 

It should be common sense that if you respect your tenants, understand the culture and provide a positive and enjoyable experiences, in many cases that is reciprocated.

I respect him and what he did for BP, but that sounds like bad advice. 

Obviously this is California spec building and not the traditional RE stuff I come to this website to read about :)I should not have said same as main house.

Owning properties through LLCs in their respective states avoids the need to register a foreign LLC, which adds costs and administrative requirements.If you plan to acquire properties across multiple states, you could create a parent LLC in Florida and have individual property-specific LLCs (child LLCs) in each state.

This is a website that was mentioned in BP Money Podcast EP 303.

According to a 2016 tax sale for Anne Arundel county, MD process document the rate is now 12% from there website.