Lot rents at $250 and running at a 40% expense ratio produces only $16k/year net  Is it worth it for the massive amount of work this place will require?

Otherwise I don't know all that much about skip tracing, but know that's it's a little more expensive per search because you're hiring a professional to track someone down.

@Ali AllenMost likely it is a structural issue and if it's on a crawl space depending on what needs to be done it could be very expensive.

@Waylon GatesThere are many reasons the Solo 401k is the preferred structure.Contributions limits are roughly 10x higher, there is no custodial requirement for the 401k, you can take participant loans, you don't need the additional expense and administration of an LLC to have checkbook control, there is a built in-Roth component, a spouse can participate, there are additional tax benefits, there is generally greater privacy, and the plans are often quicker to setup and cost less money over time especially compared to most IRA LLCs.

keep in mind, hml is expensive.

Specifically, Shoreline/Edmonds/Mill Creek has caught my eye as I feel Seattle proper is far too expensive and overpriced.  

I maintain utilities on this property and I'm curious if this is an expense, along with my PM fees, that I can write off for this tax year? 

But -- the problem is California is ridiculously expensive to build new construction, as you'll have tens of thousands of dollars spent on permits before you even break ground.

How much can your net worth fluctuate daily or even weekly unless you have a huge spike or drop in income/expenses? 

They don’t have to be fancy or expensive.