Success is not a nice linear path and when you get to a specific task/point and you move on to the next item. 

Keep flood insurance in mind and focus on the items that would cause your insurance rates to be higher.

I believe it costs about $80 to set up an LLC in Arizona, and I’ve set up 5+ myself with no issues.For accounting I use Excel for long-term rentals as expenses/incomes are the same every month (I just add an extra line item in case of extra expenses like repairs) and Wave Accounting for short-term rentals (it’s free and integrates to bank accounts!).

Do you have more information on the "collect a variety of taxes" is there other items aside from property taxes i would have to pay?

All of the major items are new or only a few years old which is what appealed to me since it should keep my capex and repairs lower than what I generally budget for.I have read your other posts.

You will also be paying top dollar for the property and realize that the property more than likely won't ever appreciate in value.All of the big ticket Capex items should also be replaced if they have a medium-short life span remaining.

The law, passed in 1999 in an attempt to accelerate the rehabilitation of abandoned properties, empowers county treasurers to act as debt collectors.

Normally, a roof is considered an integral part of the structure and would be subject to depreciation over 27.5 years or about 3.6% ($3,600) of the total project cost per year.But whenever I have a roof done I ask my roofer to itemize the cost of labor and disposal associated with tearing off the old roof and dumping the worn out material. 

. - After my independent inspection, they fixed all the items that were found to be faulty - yes, they did.

Immediately after getting an LOI or contract i request the following items....Exhibit BInventory of property tools, supplies and personal propertyExhibit CService contracts including trash, laundry, extermination, lawn service, etc.HVAC and/or boiler reportsExhibit D Property management license (if applicable)Certificate of occupancyExhibit E Certificate of insuranceInsurance claims history for the past 2 yearsExhibit F Commission agreements with the leasing staffCurrent property management contractAny other vendor contractsOther Requested Due Diligence DocumentsLast 2 years of financial operating statementsA year-to-date operating statementLast 6 months of bank statementsUtility deposit registerUtility bills for the last 2 years.Property tax bills for the last 2 yearsIRS Tax returns and addendums for the last 2 years (as relatedto the property only) Articles of IncorporationGood Standing Letter from the Department of RevenueAny licenses in the name of Sathyam EnterprisesRent roll for the property for the last 2 yearsSecurity deposit registerPayroll recordsEach different lease typeWritten property policies such as pets and parkingInformation on all rent concessionsList of any uncompleted maintenance requestsMaintenance and capital improvement history for past 3 yearsLitigation history on the property for the past 5 yearsAny operation manuals for the propertyTitle policySite planArchitectural plansEnvironmental ReportsAny mold inspection reportsAny lead-based paint inspection reportsAny fire system reports or citations