I'll say doing your research on landlord-tenant laws is crucial, consider property management if you're not into self managing your property, secure financing, crunch the numbers and prioritize location and property condition when searching.

Looks like I should have asked more questions :) Okay some of the comments are assuming you plan to be the main operator and you won't hire a property manager. 

Even if you create a non-CA LLC, if you are managing the business from California, you will likely be deemed to be "doing business" in California and therefore likely subject to CA taxes.

Who is going to manage your properties?

He acts as project manager, sources, finds the subs, and even oversees the staging.  

DubnerFreakonomics is a crash course in the populist application of economics. 

No property is perfect, especially an older one, but with good management, most risks can be minimized upfront.

Good day Bigger Pockets,I am a real estate investor living in Puerto Rico.My father of 78 years old is declining slowly mentally, and I am going to begin helping him out manage his properties and organize his finances and properties.

Whether you can include rental loss in your tax filing for the last three months of 2023 depends on various factors, including your specific circumstances, the type of property you're renting out, and the applicable tax laws in your country or jurisdiction.

We are trying to figure out a good split of equity and cash flow since they will likely be putting more down upfront but they live out of state and we would be doing a majority of the management.