Monthly income from rent: $2,100Mortgage payment (20% down), taxes and insurance $1,210Vacancies 10%: $210 per monthManagement fee 10% $210Total Expenses $1,630Net operating income: $470 per monthA few things I would love feedback on: What am I missing in my analysis (how much % to put aside for repairs each month etc.)?

Keep your standard operating procedures in place and treat every rental situation the same.

If you do go further and get your license you would have to operate under a broker for at least 2 years before you could get your broker's license and be completely solo.

Yes, the objective of the trust usually includes avoiding probate, however in CA, disputes concerning trusts operationally or title are argued in probate court. 

So I am self employed as a consultant in a business other than real estate (I also have some rental properties that I own and operate but I don't believe they are relevant to this question).  

After construction, which I had estimated at 200-250k, it would have three 1 bed room apts, two 2 bed room apts, one 3 bed room apts and a coin operated laundry for the tenants.

Hey Everyone, So, question, as I do some due diligence on a 26-unit deal in Cincinnatithat isn't likely to go anywhere... for the following reason- the property is being murdered by its operating expenses (36% of it's GROSS operating income goes to paying for utilites).

In the first instance, you simple need a partnership agreement (or a company) with you as the operating/general partner to make it official.In the latter case, you may find yourself in the realm of securities regulation which will add much more cost and effort to your fund raising.

Not saying you are Karen, but many "investor" "operators" are often driven by the cash on the table and greed and proceed without caution as the steaks go higher, that's when they should be paying closer attention to compliance matters.

The $1M cap is an important restriction, but I actually think forcing issuers to have audited financial statements for raises over $500k on their 2nd offering will effectively make the cap $500k for real estate operators.