I have always invested closest to home so all the little emergency things can be handled locally our network of Contractors Plumbers,Electricians are also all local. out of state plan on at least 4 tripts in the first year if renovating Air fare X4 Hotel /Motel Rental Cars all can drag you into a negative cost cycle. unless the size of the deal makes Travel expenses irrelevent add them to your buget forecasting. 

Tax Deductions and Credits: Be aware of potential tax deductions and credits related to real estate taxes, which can significantly reduce your overall tax liability.Real estate taxes can be a significant expense, but with the right knowledge and strategy, you can ensure you're not overpaying. 

When looking at condos to purchase - please, please, please take into account average days on market for rental listings & sales comps for that specific building.

Although I've never seen pricing from them, I imagine its pretty expensive.        

Here's why:Advantages:Predictable Cash Flow: Tenants are responsible for most of the expenses, including property taxes, insurance, and maintenance.

Here is data for residential SFH, 2 and 3 homes on one lot by occupant type - Averages. 

Like California, there is a reason it's expensive because people want to live here.

An interest rate cap is essentially an insurance policy on a floating interest rate loan.This caps/limits the maximum interest expense exposure for a borrower using a floating-rate loan.Lenders also benefit as they can require an interest rate cap at a rate threshold that helps ensure the borrower can service interest payments comfortably, limiting the risk of non-payment in a rising interest rate environment.Floating interest rate debt has 2 components:✔️ Benchmark Index✔️ SpreadBenchmark Index + Spread = Total Interest RateThe interest rate cap will set a maximum threshold for the index used.Let me know what questions you have about interest rate caps below!

And what about expenses in 2023 when the property was not listed?

I can see being attracted to passive fund investing living in an extremely expensive market.