I manage 20+ high end STRs in the Greater Palm Springs market.

In my area sellers want "as is" but with the market not being insane you can negotiate with the seller.

Look at other rentals in your market and see what they say.

Because the property is paid for, it is a fairly large amount that would be exposed even in the llc. 

A little patience and properties often hit the market with lots of hidden value opportunities 

I am starting out in my real estate investing journey and was hoping to see if fellow investors recommend pursuing short sales, banked owned properties and foreclosures, versus pursuing typical MLS properties or off market properties with distressed properties or sellers.  

I'm focused on building up the down payment now and trying to identify a good market(s) to invest in at the moment.

Go to Etsy and search for "rental property tracker," and you will find hundreds of nice spreadsheets to track 10-20 rentals, usually for under $10.Software has extremely helpful features like online payments, marketing syndication (click a button, and your property is advertised on multiple sites), electronic document review/signing, maintenance tracking, and owner reports.

I would love to talk to someone that has experience on this market and could tell me a bit more about it. 

I would like to get a fairly accurate figures for my modelThanks much