The chances will be on the bank, most banks won't want to work with the investor unless there is a true hardship.

Assuming that's true, you should feel free to contact that broker and let them know what's going on.

Depending on the true expenses, you may not have much profit here at all.

In the infamous words of Austin Powers:Well I vana toilet made out of solid gold, but it's just not in the cards now is it?

Its easy to think that things will get automatically better this simply isn't true.

At some point you discover that the rents are lower than you were quoted, that it may be hard to find a tenant, that more repairs are need (which you have to pay a premium price for since you can't actually see what's being done), and that if you want to sell, you're going to take a big loss.Now, not all these will be true on every deal.

I am a beginning REI and I also bought into one of those REI packages and payed to much however the saying, "You don't know what you don't know" is so true.

In regards to asset protection, is it true if i start the LLC in another state that that states laws would govern if there were to be a lawsuit here in california?

That is true.

Do I add up all properties' PITI, auto loans, credit cards, etc. then divide this by all the rent I receive?