Just thought I would toss out a couple best practices we have picked up from managing thousands of homes; 1)  There is always a dollar amount that makes a pet ok. 

Here are a couple best practices that might help;1)  Electronic ETF - if you have a check, you have the account and routing number. 

@Mohamed NagoorYou should look at this in a separate few steps:1) You fund your LLC (shareholder contribution) with $100k2) Your LLC spends $70k on inventory (the house), and puts in an additional $30k to improve the inventory.

Use it and write down everything you need to consider, so that you can analyze deals after that by yourself with some practice.

@Sajan JivaCPA license is a state designation.From a tax perspective - a CPA who lives in NY is not breaking any laws or codes for filing a tax return or providing tax strategies to those who live outside of New York.from an audit perspective - A CPA may be limited in signing assurance/audit related documents to the state that he practices in.You should be eligible to write off the items you mentioned.

Hello,I am planning on purchasing my first out of state turnkey in the near future and utilize a property management firm and realized that I have quite a few questions regarding best practices.  

It's costly and time consuming, but may be your only practical option to sell the property depending on the situation.

I just recently flipped two raw land parcels in 2 different states and realized a really great return on both after some initial land improvement investments.

I actually IRRRL'ed before I PCSed to try and improve the cash flow, even after, with accounting for expenses, I'm negative.More specifically, I have the place rented out for 1800/mo. 

Capital Improvements: ???