@Jessica Pham Also when you finish this property hopefully not at any loss at all make sure you go back and reflect on what went wrong so you don't make the same mistakes again.

You need to make an actual profit to pay taxes.As an individual, in addition to your federal 1040 you would need to file state returns in Illinois and California reflecting the profit and loss.If you file business returns the same is true it just costs more in preparation fees.I do not prepare California returns, but many states have reciprocal agreements where the taxpayer can deduct the taxes paid in one state against the income earned in another state.Your CPA is probably right.Having an LLC in another state will not save you taxes as Illinois wants EVERYTHING.

Good learning lessons and a fun reflection on the first apartment my wife and I shared. 

Although public record will still reflect the transfer from your personal name and then to a land trust without an actual sale, people can make the leap that you still own the property.

Memphis Invest is the company that rebranded at the end of 2019 to REI Nation reflecting that we were operating in 11 different cities.

This would an opportunity to build your network and reflect as well as gain new ideas and insight as we learn from each other.

with the cannabis boom out there, proximity to PS, and restrictions in other areas I'm curious if it made STR there more desirable.I'm in the San Fernando Valley if anyone wants to connect to talk about investment strategies/opportunities.

Does anyone know if this is a common sign of anything or a reflection of the market?

She gave some examples but then said "The price also reflects the cap rate of the property." 

The lender will be notified of the change if and when you update your insurance policy to reflect the new owner of the property.