Actively buying rental properties requires a side hustle business approach.

@Ryan Brown, I am not an NYC landlord and know you are subject to different laws than I am in Ohio.But, typically, as long as their shower head is fully functional, I cannot see any reason why you would be required to replace it for them.  

Transferring from an LLC to another LLC would require a deed and possibly transfer taxes if your area has them.

Pay Attention To Your Credit Score Although we don’t have any income requirements, we do want to know that you are on solid financial footing.

I would ensure that each of them undergoes screening and meets all the necessary requirements.

If speed is of the essence you could offer 100% security deposit return if they’re out 30 days faster than required.

I assume this is in LA...have you asked about the DP required to get a high balance conforming loan? 

...if the vacancies are frequent or extended, it can be a big expense, so I analyze this thoroughly.As for house-hacking specific costs, there are things like furniture/appliances/decor for the common areas of the house, costs of screening applicants (like background checks), cost to advertise, the time and effort required to manage a house hack, etc.  ...although these expenses are worth consideration, they tend to be much smaller and almost inconsequential compared to the big capex expenses that can come with buying the wrong property (e.g.; you might spend a couple hundred bucks on tenant screening, but a new roof might cost $20k+).Back when I was house hacking regularly, one of the most significant "costs" was the cost of my time and effort to acquire tenants (which includes all the time and effort of posting ads, responding to inquiries, answering questions, doing viewings, screening applicants, managing tenants once they were in-place, etc.).

REP status is specifically trying to override this $150k limit, but it's out of your reach, unless you have a spouse who can qualify.Rules for STRs (short-term rentals) are different and do not require REPS. 

The rates are competitive, but they require a larger down payment, usually around 50%, but your client could get in a great 3 fam in Bushwick, Bed Stuy, etc.