Facebook groups can be a valuable resource for discovering properties.

It's not like people won't know that the property isn't in a flood zone; if they finance it through traditional financing then the lender would most likely require that they carry flood insurance. 

We have a CA LLC (H3 Properties) but need another LLC for a partnership STR investment on the East coast.  

@Philip MurphyYou would need to have the taxes paid and payoff his mortgage for you to receive clear title and title insurance.All debts on the property must be satisfied to provide clear title

However it’s hard to get that ball rolling without any deals under my belt even though I do have experience with managing a syndication and property management through my professional career. 

I am a property manager in Kona and we are not currently taking on mid term rentals because we don't want to promise anything to our owners that we may have to go back on if the bill passes to some capacity.

. $20K in reserves isn't a lot if something goes horribly wrong and there are damages if you default and he takes the property back.

I have made some investments in Canada and now i would like to expand my horizon to cash flow properties in the US.

You could set up a PM LLC that both of you would "Hire" to manage your tenants.

Imagine you bought a property for $2M.The land (excluding any structures) is valued at $400K.Since land is not depreciable in the eyes of the IRS, we subtract the land value from your purchase price to get your depreciable basis.Your depreciable basis is simply where a cost seg engineer starts from when allocating your eligible assets into either 5, 7, or 15 year property.In the scenario above, your starting basis would be $1.6M since your basis = your purchase price - the land value.Having an accurate land value is essential to getting your depreciation/bonus depreciation calculations right.This is the starting point for any cost seg study that you do.