First off, I consider myself privileged to have found this site.

Hi Nazz,We hold our properties in our personal names but just something to be aware of;Since you live in the great state of California, even if you create an LLC in another state and don't have any of the California properties held in that LLC, you will STILL have to register the LLC as a foreign registration in California and pay the $800 annual fee for the "privilege" of living in and doing business in California, assuming you are a member of the LLC. 

I don't currently have a mentor , but I think most people should earn the privilege of having a mentor before they start wholesaling.

I would live in it and try to sell in a year or two when you can hopefully break even or do like another member suggested a rent to own and ask for higher rent for the privilege.

I've had the privilege of seeing my father's peers over 30 years and how their investments panned out.  

I look at those types of moves as a workforce "correction" on abuses of privilege more than a long-term stoppage of that trend.When the most highly sought and entrepreneurial labor prefers to work independently, they drive the market.  

I can understand taxing non-residents that are coming into the city to work but taxing residents of the city for the privilege?

Mostly just locals get that privilege though.

Contrary to popular opinion, there's very little glamour in owning RE - no privilege.  

FEESApplication Fee (to cover administrative costs)... common in most markets.Move-In Fee (to cover administrative costs)... common in some markets, but not seen in others.Pet Fee (for the privilege of keeping a pet)Guest Fee (a per diem fee for the privilege of allowing a guest to stay past the customary guest period)Notice Service Fee (cost of serving/posting/mailing legal notices related to rental agreement violations)NonSufficient Funds Fee (cost of trying to process an NSF check)Rent Late Fee (violation fee)Utilities Late Fee (violation fee)Unauthorized Pet Fee (violation fee)Unauthorized Occupant Fee (violation fee)Unauthorized Parking Fee (violation fee)Unauthorized Modification Fee (violation fee) - modifying the structure of the property without written consent, includes changing out light fixtures and plumbing fixtures.Unauthorized Installation Fee (violation fee) - includes installation of  telecommunications equipment on the property without written consent.Smoking Fee (violation fee)Smoke/CO Alarm Tampering Fee (violation fee)Fire Suppression Equipment Tampering Fee (violation fee)Door Lock/Window Lock Tampering Fee (violation fee)Garbage Fee (violation fee for cleaning up and disposing of excess garbage)HERE ARE SOME OTHER IDEAS:Property Damage - charge as it occurs or as it is discovered.Special Services - charge as they are provided.