NNN tenants will typically reimburse management fees and the reimbursement income is factored into determining your effective gross income (EGI).

@Nathan Wiebe what I don't see addressed in this thread is the back end of the deal.

Probably both.... the LLC will have to have an address (california) and have to be set up as a foreign entity to do business in Florida.

You might be able to find someone who can give you a decent down payment to effectively pull some cash out of the property.

If the HOA is defunct, not operating properly, is underfunded, or has any other issues, it can prevent financing challenges for future owners (read this affects your exit), and effects the quality of the overall property.

Here are two quick and dirty ways: for the lowest interest rate get a HELOC on your home.Since it's a 5 unit you're facing commercial rates and are playing in the big leagues of financing which means you need a seasoned entity combined with personal guarantee for the lowest possible interest rate.You can buy a seasoned entity online (make sure it's in the same state) that has a 80 or higher credit score, move the entity to the property address, change all the credit lines to the new address, transfer the property into it, and get your credit score to 720+.Apply for a commercial loan if you don't want to go the HELOC route.

I can get #10 business envelop with return address and unique shipping address for .08 cents each (minimum 1000, all of them are)a folded 8.5x11" black and white letter for .08 cents each4x6", two sided, black and white post card printed for .24 centsWith this system, I'm stuck stuffing and stamping the letters, and stamping the post cards. 

Without having the actual address I can only give you basic opinions.

It has a Gary mailing address, but there's a different school system and the values of real estate are higher than those inside of Gary city limits. 

@Phil Leonard I'll address these one at a time:Capital - if someone doesn't have the capital necessary, then it's time to go seek private money...or in other words, a partner.