We have created an rental operating agreement for the partners within the LLC.Do we need to consult with the Lawyer or legal team to finalize the operating agreement, so that when in need that document will act as a legal document towards our LLC for the members.

I moved from NorCal to live and invest in Reno, NV because I still wanted to be close to the Bay Area but wanted to have much more favorable landlord/tenant laws, low property taxes (that don't reassess on the sale), consistent diversified job growth, and land constraints for higher appreciation. 

One company owns everything and does nothing (this is your SLLC a/k/a “asset holding company”) and a completely separate company handles all of your operations (this is a traditional LLC a/k/a “operating company”) For the operating company which serves as your face to the world and through which you do all your business, you establish a Traditional LLC to carry out the operations of your investments.

What operating expenses do you expect such as mortgage, taxes, etc?

I think the Margaritaville development is something like 3000 acres.Rents have remained low with all the build jobs, but a lot of that is almost cleared out, so hopefully rents will pick up this year and next.i have mixed feelings about new builds. 

(Prior to graduating college and getting a full time job, I was an incredibly social person, so this was a huge change of mindset to sacrifice the way I did).And on the other end, my brother decided to start his own business while I was working and did not work hard as he spent money like crazy and eventually went bankrupt (filed 1 year ago) .

There's so many catalysts for population and job growth (Intel, Honda, Amazon, Nationwide Hospital, etc).

These re-stocking costs also vary based on how you operate your place and what you provide.

Even on most DSCR loans, you'll be looking at 20% down, so your best bet for low(er) down payment would be to utilize a BRRRR strategy with a rehab-focused bridge loan into a DSCR to get it stabilized and cash flowing.Be sure when you talk with potential lenders to make sure that they are licensed to operate in NY as well.

My team keeps having to explain to a neighbor the definition of a short term rental (29 days or less) and send bookings to the city to prove that we have never operated this home illegally.