I am a 21 year old investor based out of Brooklyn, NY w/ two investments properties (payed off mortgage) that I manage and I have been pushing forward and researching and reading and learning as much as I I can about real estate.

This should be your own conclusions based on your underwriting, not someone else’s. 

If you do, you are missing out on most of the advantages, and rationalizing bad deals into good ones based on "%'s" instead of dollars. 

I have over 40% equity based on loan amount of $200K and general market value of the property at $400K (unsure what assessed value would be).I'm thinking I'm a candidate for PMI removal.

The tax treatment of your land sales would typically be determined based on when each parcel was sold and whether they were held for investment or business purposes.

The truth is, it’s based on a multitude of factors and ultimately comes down to what makes sense to you.

Do you have every potential renter complete this or only select one renter based off the pre-screening process?

@Josh Mac are they wifi or cell phone based? 

You should look to have a base of cash flow before you are financially stable enough to be in low/negative cash flow markets like California.

I highly recommend letting the attorney prepare the operating agrement based on questions they present you rather than have them mark up your version.