I would double check that the utilities are paid by him. 

I'll defer to our lending gurus to better fill you in on that end of things, but certainly you should look for ones that are in the path of progress, have additional revenue sources (think storage, laundry etc), or potential therefor and/or have scope to add a bedroom or another unit to increase the income.

:) Some companies won't do it any more, and its a lock on a bedroom door, locked file cabinet & shredder. 

@Scott LongVirginia will require you to report the rental income from the property in NY because as a Virginia resident, you are required to report world-wide incomeNew York will also require you to report the rental income because the rental property is located in NY.To avoid the "double-taxation", Virginia will provide you a credit for taxes paid(if any) to New York.You are able to withdraw money from the LLC to your personal account.

I use to live just north of LA, and $400k would not get you much in regards to a house (I think 1 bedroom apartments were selling for $200K). 

property is a duplex with a attic studio. now the attic studio has a separate entrance but no fire escape so that is a liability. however I will be house hacking and living in the attic and can't sue myself lol.The units seem extremely well kept from a first perspective a very well taken care of property it has off street parking and 3 parking slabs in the back. each unit is 2 bedroom 1 bath. avarage rent in the area I've seen 725 and 950 I've looked on centimeter and 800 850 is about avarage.

Many complexes have dropped their rents from around $500/bedroom to $400/for example. 

So you will have ample time to double check on the quality and expertise of everyone involved.

Should I just install mini ductless heat pumps that do both AC and heat?

Hi all, I've got a verbal agreement on a 2 bedroom property that works great for the BRRR strategy.