Make sure you have excess capital!

On the contrary, daily late fees introduce complexity and potential disputes, and they may lead to excessive charges, raising questions about their reasonableness and compliance with state laws.

However, I wonder if I should take out the excess equity in the current house and use that to fund additional payment (beyond 20%) for my new residence.

You definitely want to make sure you trust and feel comfortable with the lender you're using because you don't want to be paying excess lender fees and processing fees. 

California charges a minimum tax of $800 a year per LLC, and more if you have gross receipts in excess of $250k.

@Tim Herman good point - but it seems like the sprayer was pulled with excessive force.

Imperfections caused by normal residential use-scratches, small blemishes, small chips, etc.Spot painting, excessive patching or mis-matched paint resulting from poor touch up painting, unapproved painting of any kind done by resident.

I think MTRs are a great, higher income alternative to LTRs without the high turnover and excessive fees that STRs face.

I remember, several years ago, reading in the code book that one reason an exception may be granted is if zoning restrictions result in an excessive hardship on one’s ability to use the building. 

There are some slow-BRRRR opportunities in pockets of the city (and by slow I mean it is more speculation than I'm typically keen on, but there are some options higher on the risk curve).The biggest issue in our market, similar to most others in the US right now, is that sale values have surged far in excess of rent values.