Had the opportunity to ask the judge if there were any backlogs in the Justice of the Peace Court that handles evictions.

Then in late Aug, my PM found a note stick to the door only to find out the tenants moved out already without any notices, and my PM suggested me to file a claim in Court in order to collect all the money that the tenants owed.

If an ex-wife or brother or someone from the sellers past that said they were on tilte came after your ownership and you were in court and 500k was on the line, you’d be glad you had title insurance.

Covid did not shut off Kern County Probate courts.

Let's say you have to go to court to evict a roommate and it takes a few months to get rid of the person.

All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserved.

Those are all in the manager’s court.

Under (current) Section 1031, tax deferral is available for the exchange of real property held for productive use in a trade or business or for investment.Also, real property held primarily for sale is specifically excluded.No direct specification of the holding period requirement period is made in the tax code.In general, the courts have been more liberal than the IRS in defining what qualifies.Technically, properties can be segregated and categorized with a single taxpayer holding some assets primarily for sale and others primarily for investment.Without foresight and planning, a serial flipper is not well-positioned to challenge the IRS on this matter.

We have the contacts, the trusted working partners, the understanding of the record-keeping systems, we know the laws and the courts.

It does mean that, and courts have consistently held that cities/counties/states have the right to regulate rental property regardless of the format (short or long term) because it is a form of commerce.