And I don't see anything else in the statute that prohibits the payment of referral fees in excess of $50 by the owner or the management company, so long as neither is a licensed broker.The implementing regulation in the TAC/TREC applies to licensed brokers. 

I ended up going with @Daniel Hyman because he was knowledgeable, experienced, easy to talk to, and it sounded like we'd get a good value with him.Communication was solid and timely throughout the process, but he also didn’t send excessive emails.

Electric company won’t buy excess.  

California charges a minimum tax of $800 a year per LLC, and more if you have gross receipts in excess of $250k.

You never know, someone close to you may have an excess amount of capital laying around, waiting and wishing they could put it to use.

Lastly, save all you can, live a modest life style while you scale, and funnel all excess profits into the business.

Responsible means no collections, no recent late payment, no recent excessive debt.

All units are rehabbed and rented to high quality tenants and offer returns well in excess of 10%. 

Then again it would be hard even claiming a loss given the limitations on expenses and deductions.Deductions allowed cannot exceed the excess of gross income derived from such use for the taxable yearLink to IRC 280A: Disallowance of certain expenses in connection with business use of home, rental of vacation homes, etc. https://www.law.cornell.edu/uscode/text/26/280A

That way, any excess on the edges does not pool, but rather drips off.