While the wrapping will work to protect the exterior wood trim to some extent, it will also hide any ongoing damage until it gets really, really expensive to fix.

Vacancy is much lower than that and ongoing fees in LA can be around 5% with varying fees for tenant placement usually around $500-$700.

Like I said before, I would save up maybe 2-3 months worth of expenses maybe while you're looking, just to have something to fall back on. Go

After I ran my analysis on the property, I noticed that one of the agents I had worked with in the past was the seller’s agent so I sent her a text and saw it the next day.

The tenants in the property were barely screened, just a warm body placed, and then after the new owners owns for a couple of month, there is no cash flow, the tenant must be evicted and after eviction and in the process of finding a new, actually qualified tenant, the house gets ripped and stripped and the owner who paid too much to begin with now needs to put another $8 to $10k in the property before they can rent it.So - learn your sellers, some are one and done and some want an ongoing relationship with you. 

I ran 2 HML companies that had 35 and 50 million under management respectively and one was all private investors the 50 million.. but guess what I took over for the owner who had no succession plan or kids.. and he was the one my dad borrowed from.. so he knew since I was 7 or 8 years old..

I ran it by my attorney and banker whom both gave me the green light.Pros:No deed, no tax adjustmentSeller to credit me savings on transfer taxes.I brought up potential title issues, liens etc.Corp only has this property and rest can be looked over with a more thorough lien search.Has anyone done this aside from land deals?

On the other hand, I've had tenants that aren't so great where the same scenario was ongoing.

People go short term rental because the income has potential to be much higher - but it is a lot more work, both in the setup and ongoing management.We've done short term rental investments in a vacation destination, and long term rentals in US cities where people commonly rent.

are ongoing expenses and likely to require ongoing revenue to support, vs. being able to run on annual flat fees that remain reasonable.