While I've done a lot of research and feel comfortable accounting for expenses while vetting properties, I haven't done a ton of research and on how to estimate what I could charge for rent.

However, in CA with the annual franchise tax of $800, additional LLCs are relatively expensive.

Account Closed - I like your color scheme and the tile design - this is a good alternative that would still be affordable.

The accounting gets much more complicated, but all do-able.    

Account Closed don't limit yourself to NY and NJ.

Easiest to talk to that person's local bank who will connect with USA branch lending (for example if you have hsbc premier account, they will arrange a US mortgage). 40% downpayment, and interest rates normally 1% above the current rates for US residents. 

Account Closed I just posted a blog on this topic.

The original appraisal should take into account that in a quick period of time you could raise the rents to market.

., Account Closed thanks for your input. 

But let us say I would be satisfied with about 10% annual return after 10 years, the house will have to appreciate (keeping the calculation simple) by (10-2.4)*10 = 76%.While I am very positive about appreciation of RE in silicon valley (specially SFHs), but 76% appreciation seems unlikely to me.