Real estate investing requires patience, diligence, and knowledge of how to identify a worthwhile investment.

Do you have two properties identified that fit these numbers?

That said, it’s important to be mindful of the pattern repetition to achieve a realistic wood look.

Find a lender and identify what their refinance LTV (loan to value) % they will do for you.

The federal due date of the owner's return depends on what kind of tax entity it is (individual, C Corp, S Corp, partnership, trust).State filing obligations need to be identified as well and may have different due dates than the federal return.

Or do you wait until the rental property is identified?

The operating agreement is part of the liability column, and is very helpful to protect relationships by clearly identifying roles, responsibilities and processes to use to operate a LLC. 

I identify the process to move from your name to a land trust with your LLC as beneficiary in this article - ignore the initial financing advice and focus on the process.

@Mary Blanco, this article identifies a strategy I have seen used successfully in California to avoid the franchise fees and regulations that were spelled out earlier for investors in California. 

My wife and I are looking to make some actionable REI moves in a few months and are practicing identifying deals in our local area (Memphis, TN).