Yes, you will pay for commissions (which are 100% negotiable)- I like the idea of approaching the agent for the new buy (if in the same area), who might give you a discount on the listing if you also buy from him or her.There are programs out there that help you BUY before selling, they will give you a 20% downpayment and money for repairs on your existing house- you'd have to use an Agent and them that is affiliated with them and they act as the straw man lender- check out Knock.com, Ribbon, Orchard, Homelight, etc- and there are others- I'm not sure which are available to you in California.In most states, homes are sold "As-IS" anyway), and all you have to do if you cannot make repairs is to properly DISCLOSE what you know isn't working, so that buyers can take that into consideration in ADVANCE of contract, in both their offer but also to save them surprises later on which could cause them to back out- if they know in advance and all is disclosed, there's less chance of that happening.

Run your comps, check leases, and proof of rent, and make sure to thoroughly analyze the inspection report and walkthrough video if this is out of state. 

Check your state/city laws, and if you can re-write the lease agreement after acquisition then you can also mitigate your risks that way.

Floodplain you can check online.  

Take advantage of it and have your maintenance person or property manager go and check things out at your property. 

Should we open a new bank account in the name of the LLC that the other partners would fund?

I am looking into AZ because it’s a less expensive market and I’ve been to Vegas but never been to AZ so i wanted at least check it out before i rule it out completely.

Guest checks in, i double check camera to make sure no issues getting in (sometimes people have issues using Schlage lock.

Hey Munjal, you should check out Cleveland OH.

I love maxing out our tax-advantaged accounts (my 401k at work and Roth IRAs for my wife and myself).