The new listings I have seen are laughably expensive (mortgage is 2x rents for example). 

CPAs seem to be very expensive costing thousands of dollars!

Here are the details at a high level:Purchase price: 174,000Closing costs: 2,000Down payment: 20%Rental income: 1525Monthly expenses: 487 (insurance + tax)Maintenance: 128 (1% of purchase price)10% vacancy: 150Self-managingI am not sure what interest rate to use to get the monthly mortgage amount.

So, when someone brings an agent they met after seeing my property on the MLS, I raise the price of the property enough to cover that expense.

The calculation takes more than just Rent and PITI - they consider other expenses like vacancies, management fees, utilities, and more especially for full-doc programs.

The area between Los Feliz and Silverlake is very trendy and should only become more expensive over time.

Agreeing that it is OK to get 1-2-3 months behind just means you are going to get paid after the cell phone bill and after the car payment. 

Guy says he just finished up the fence and wants paid. 

And once you factor in interest, you are losing money since the interest alone is more than you’d get in rent once you deduct approx 50% expenses. 

@Nick KnoblachOf course, you should always confirm with your own CPA who is familiar with your situation, but here's a few generalities:- CA taxes residents on worldwide income, so the CA resident will likely be taxed on the entirety of income that he/she receives on his/her CA resident tax return, including his/her share of rental income- CA will likely want to collect tax on all income earned in CA due to CA-sitused real property, so any non-residents in CA should likely be prepared to file a non-resident income tax return in CA to report his/her share of income earned from the CA real property-I'm not familiar with MN rules, but most states generally allow for a credit for taxes paid to another state.