I'm also currently in the process of becoming a member of Upstate CREIA and have been writing up a business plan for what I'm trying to accomplish. 

From that profit, I then have operating costs like taxes, insurance, cell phone, auto, marketing, and other misc overhead and as Greg stated, this is a low ratio of expenses assuming one operates like Greg suggested as do I.I would like to know what @Phil Long is hoping to accomplish with this question and calculations, perhaps that would help us understand and get him the answers he is looking for.

In the market I am in most real estate strategies can be accomplished with properties that are sold on the MLS.

I believe in every state an LLC Must have a physical address where service can be accomplished and received by a live person. 

@Mike Gebhardt I think you've got the right idea on how to do what you're looking to accomplish.

You can accomplish this for $400-500 instead of several thousand for the formal reports mentioned above.3.

I just used it for another property list similar to what you’re trying to accomplish.

I have also been looking out of state to accomplish this since California is more expensive.

Looking to get info on the following topics for anyone who has accomplished this:Commercial loansProperty management What team members to assemble What protection measures have you taken (LLC)How often you fly out to check on your property

Real estate is a great way for you to accomplish your goals.