Smaller cabins seem to do better overall than large places.

Not trying to be mean but you should have found out the regs before looking for a place not when your about to close on a property.Now I would call the county and find out what the requirements are and see if you can even make this a STR.Also 5k seems way too low to properly furnish a house.I think 20k would be more realistic even if you bargain shop.I bet I would need 30k to replace everything in my 3 bedroom STR.

I’ve looked into OOS markets and can’t seem to find those golden deals others talk about that are priced under $200K for a 4 unit and cash flowing $700/unit.

I have contacted a real estate laywer (who seems to have a lot of experience) to talk about the business structure needed to setup in real estate investment.

Hey @Savannah Walbert,First of all, you both seem to do very well, even for LA. 1099's do not necessarily limit your financing potential.

The reinstatements seem to be a big cost driver.

I've been searching myself and there doesn't seem to be a very large community of investors here, at least not public ones.

. :-) I found the realtor from BiggerPockets, and he seems to have a solid reputation.

They seem to be reasonable and have good processes in place. 

Compared to other apartment buildings I have in the area, indeed my taxes, which are assessed at the individual condo level, seem extraordinarily high.