Once the renovation was complete, I started searching for a property management company, as I don’t manage my own properties.

I did a search on vacant properties and then did a drive-by test yesterday.

I’ve been learning about the industry / different regional markets for the past few years and am eager to execute my first deal in the near term and continue growing through this community.My primary goal is to purchase a property I can live in while generating rental income (e.g., a single-family home with a tiny house, a duplex, or a single-family property where I can install a tiny house).

Changing the deed into an LLC will probably prompt the mortgage company to call the loan - you will have to pay the loan immediately because the property is no longer owned in the same entity that originally got the mortgage.

How did you go about getting your second property?

With more than one unit, the biggest difference is that you have tenants complaining about each other and the property picks up more of the maintenance, like lawn mowing.There is a huge difference when you get to 5+ units as those are valued using the income method. 

There are new laws affecting California transactions in 2024, some of which are very relevant to investors and house flippers.According to the California Association of Realtors, starting July 1, 2024 most 1-4 unit properties that are resold within 18 months (aka flips) must disclose:- repairs, renovations, room additions and structural modifications that were performed by a contractor with whom the seller entered into a contract- the name and any contact info for the contractor for any work over $500- any permits obtainedSo you still can be an HGTV star, just make sure you do it by the book. :)Have any of you flipping in the Los Angeles area been affected by these new disclosures?

So, from time to time we get contacted by someone, that’s probably bought one or two properties in their entire life. 

Let them work with you on your ARVs when you get serious about a property (don't thow them a thousand deals you see and expect them to do CMAs all day long...make it worth their while).

W-2, 1099, etc.) with passive income/loss from my rentals (STR, LTR) is to meet the IRS requirements for Real Estate Professional Status or REPS (this also requires material participation in addition to specific requirements to be considered a REPS).Very unlikely that you will qualify for REPS with only an STR and a local property manager.