The rules and procedures of your operating agreement and your ability to follow the agreement is far more important than the actual state specific filing docs.

Tenants can't text/call me unless it's an emergency.3.

The second mistake is that you must beef up that emergency fund for your investments.

Here are some key recommendations to consider:1.Focus on Emerging Neighborhoods:Look for emerging neighborhoods in Orange County where property prices are still reasonable but expected to appreciate.2.Niche Markets:Consider niche markets like student housing or senior living, which can offer stable rental income.3.BRRRR Strategy:Use the BRRRR method (Buy, Rehab, Rent, Refinance, Repeat) to increase your property’s value and refinance to reinvest.4.Partnerships:Form partnerships with other investors to pool resources and share risks.

When deciding between managing your own property or hiring a professional service, consider these key factors: your available time and expertise, knowledge of local regulations, property scale and location, access to reliable maintenance resources, tenant management capabilities, financial implications, emergency responsiveness, and personal preference for hands-on versus delegated management.

While researching and evaluating homes, I had an idea for managing the down payment and emergencies for the first property.When I find a property with good cash flow, I could use a private money lender (PML) to cover the down payment and closing costs.

To cover for any emergencies I think 15-10% would be best.Thank you 

Procedural errors will now be catastrophically expensive.What's going to happen is that many landlords and nearly all tenants won't know about the changes, so only a few landlords will get burned at first, and that amount will grow over time.

You can do it on your 2023 tax return though, with a complex procedure involving Form 3115.

The simplest emergency puts them out and they’re late on rent again. lol.