I see many first time investors make the mistake of buying in a college town, but not where the students want to live.Business Sprints - You work like a lion in this business.

But I'd love to get insights from people in the business now!

If your LLC is not doing business in MN, then it would seem to make sense to register it in CA to avoid the need to pay registration fees in 2 states, if you can avoid MN filing fees and requirements. 

My business partner and I are considering starting a real estate consulting practice where we would advise buyers, sellers and investors on the buying and selling process.

I assume, I will have to open business accounts and use those to manage my business expenses and business earnings etc. 

The rules are confusing me for whether this is only needed for hiring an individual independent contractor or if it's needed for hiring another business as well. 

I want to have a business and what better than real estate.

But that's no guarantee.And, you can follow all good screening procedures, professionally run your business, and don't get too cozy with your neighbor/tenant.After that, roll the dice. 

Your software will be instrumental in running your rentals like a well oiled business machine. 

They are running a business, and they want to stay in business.