@Mark Gast  Are you planning on living in the property or operating at a pure investment? 

What "reasonable" is, is a big can of worms you should discuss with your accountant.It's common to separate ownership of an operating business (the short-term rental business) from ownership of the real estate, so that makes sense, and it also makes sense when discussing mortgage applications.

I know in my primary market you're required to have a brokers license to operate a PM company. 

I recently bought a deal in Berwyn that I should be able to operate at right around a 10 cap.

New apartment buildings have ADA compliance, and if you go past the trip point in an apartment renovation, you can be required to comply.

Any vacancy would add this cost to operating. 

DEED RECORDED 02-19-20198125-18-515-0399438 BLOOMING GROVE AVE8914920140530-1025 - 1ST DOT - $173,302TRASH - LIENS $643SEWER - LIEN $217WATER - LIEN $7179125-05-311-0259108 BLUE RAVEN AVE8914320061206-3865 - 1ST DOT - $225,000NO OTHER LIENS FOUND10162-12-412-0132599 BOLERO AVE8912120140930-2885 - 1ST DOT - $162,469** BID WITH CAUTION **JUNIOR IRS LIEN RECORDED 09-18-2014, 120 DAY REDEMPTION APPLIES $85,09611177-26-610-03310034 CANDLE MAKER ST8918320120718-2177 - 1ST DOT - $230,210TRASH - LIENS $2,21812124-25-513-0676249 CAPEHART FALLS ST8908120101004-3800 - 1ST DOT - $97,648HOA W/NOD - (ASSESSMENT) LIEN RECORDED 06-05-2017 $2,414RELEASE OF SUPER-PRIORITY LIEN RECORDED 10-13-201713190-20-311-0062677 CHATEAU CLERMONT ST8904420161021-2728 - 1ST DOT - $622,200** UNABLE TO INSURE **ACTIVE BANKRUPTCY CASE - NO ORDER LIFTING STAY ENTERED14139-05-815-0714009 COLEMAN ST8903220080312-4060 - 1ST DOT - $278,640HOA W/NOD - (ASSESSMENTS) RECORDED 04-08-2019 $2,42815138-14-412-0326444 DEADWOOD RD8910820061129-1951 - 1ST DOT - $230,192** BID WITH CAUTION **NUISANCE NOTICE AND ORDER TO COMPLY RECORDED 05-15-201416137-12-310-1593451 DESERT CLIFF ST UT 2038912920070329-4987 - 1ST DOT - $164,000** UNABLE TO INSURE **PRIOR HOA FORECLOSURE SALE.

3) If I should still run the income and expenses through an LLC, should I just create the OK LLC and be an out-of-state member as opposed to being a CA LLC operating in OK?

That said, we like any business do get a few clients who operate on the "ready, fire, aim" principal. 

There are dozens of operators on BP to invest with where your hard earned money will go much further.