@Raza Rizvi A benefit of an LLC is that it can provide extra liability protection for you. 

So far I feel positive about Nevada and Arizona from talking to agents - more landlord friendly than CA, low property taxes and good appreciation.

It provides a lower cost of entry than a property in the city but not at the expense of much lower rent.

Hello,I recently closed on a BFD deal and looking for direction on correctly setting up journal entries, to make it easy at tax time.In a nutshell...We hold a mortgage on the property with a principal of $150k, 4.25%, 30yr amort (liability)The BFD sale price was $300k, with a $45 downpayment, $255k financed at 5.5%, 25yr amort, 3yr balloon (asset).All transactions are run through an escrow agent, and we just collect the net difference monthly (~$325 or so).   

I am trying to find a reputable realtor / agent who will help me place tenants, but also be able to help with semi-annual / annual walkthroughs (for a fee of course).

The stated reason is that my independent agent is being cancelled by Safeco and will no longer be a Safeco agent. 

Then rinse and repeat the process until you are out of VA eligibility and refi the first property into a conventional mortgage.The key here is that you need to add that sweat equity to the properties, providing a cushion for market fluctuations and increasing the rental potential for each home.

- Any useful questions to buyer/seller agents?

I have identified an ideal location, and the agent has informed me that the rent is $45 per square foot NNN, plus an additional $5 per square foot.Upon calculating the total annual cost, it appears that I would be responsible for over $80,000 per year.

I've been a bigger pockets fan for years, I've even been a featured agent here in the past.