Diversify and leverage the best strategy based on the specific deal.

The initial condo had a huge assessment that was based on square footage (something to do with the foundation) - so they ended up selling to try to get out of the assessment. 

Quote from @Jinglei Shen: Seller is a real estate agent, based in Ohio, he owns an LLC to flip house and invest in RE, this property is owned by this LLC. 

I am wanting a LLC for protection as well creating it separate from myself I would like to be able to build business credit and not have any based on my personal credit and I understand there is some tax savings using an LLC

This^^^^^Unless he is loaded with cash reserves and can take a loan out based on his liquid reserves.

For context, I'm based in the SF Bay Area in CA and looking into buying my first OOS rental after house hacking locally for 10 years.

You’ll face hurdles like maintaining a steady deal flow, securing funding, managing renovations efficiently, and optimizing your exit strategies.This guide highlights key strategies for investors looking to transition from single deals to a scalable, volume-based distressed property investment model.1.

If you get 100% of the purchase price covered then you should have sufficient funds for the closing costs based on what you're saying. 

@Joseph SpearGood feedback, but would be careful about buying based upon Cap Rate with Homeroom as you outline.Just have to look back at Airbnb history. 

The wrong property management approach will lead to the dreaded three:1) high drama,2) high turnover,3) high property damage.Use Household-led Property Management (HPM) developed and perfected for co-living.5.