A lot of OOS investors, who recognize investment property as a passive play and retirement vehicle (important distinction), not a vehicle to replace their current job or income level, are not banking off appreciation.

California does not recognize series LLCs.You also want to look at whether a pass-through entity helps your bottom line and your taxes.

Chris great points, I think it is critical to recognize who are doing business with and really drill down the true definition of Turnkey as it loosely used and many times if not most abused by companies that are not really turnkey. 

Yes, it is recognized by the IRS ONLY for taxation purposes as a single member LLC, but as far as the actual practicality and day to day operations of the company, there are two members, not a single member.

I recognize that 100k is a smaller budget to do BRRRR right but I have to start somewhere.

Because this was my 1st house, I couldn't recognize how much work a previous owner had done.

So, the formulas simplify to:Cash Flow = (Rent - DebtService - ManagementFee - Insurance - RealEstateTax - PeriodicFees) x (1 - StateIncomeTax)ROI = (Rent - DebtService - ManagementFee - Insurance - RealEstateTax - PeriodicFees) x (1 - StateIncomeTax) / ( DownPayment + ClosingCosts)We perform a multi-step validation process for each property, adding more cost elements as we gather more information about the property.Comments:We do not include depreciation because the amount people actually benefit from tax deductions depends on their unique tax situation.We do not include unrealized gains, such as principal paydown or appreciation, as they are only recognized when the property is sold.

You have been FLEXED is recognized by property-owners, possibly by police.First is a property that had a massive lead-abatement rehab in 2012 ($18k).

I recognize 0.75% ratios in my market is not an easy find, but 0.62% ratio seems like a very typical ratio (not a good ratio and educated investors should be getting better than typical quality investments). 

Oh, I forgot - this seller did not recognize this stuff as trash :)