I am a new investor and I am in the process of saving money for my first investment property.

@Bruce Woodruff it's a free country, so you can do anything you want.On the other hand, many people jump to conclusions without all the facts and often don't process facts correctly.My manager's brother-in-law belongs to a very exclusive country club - they've host PGA events regularly.They approached our management company about potential rentals that their DOCUMENTED temporary H-1B visa workers could use - with multiple workers staying in the property for the  summer.We couldn't find an owner willing to agree to a short-term lease at an acceptable price.So, how accurate are your assumptions with the limited data posted?

This will help you assess the potential return on your investment.Out-of-state investing can be done successfully, but having a reliable property management company in place is important.

I’m in the process of buying my second home.

NMB is very popular and very successful with STR.

The property is a 6-unit building in Los Angeles.Given the significant difference in current rents vs. market rates, I'm looking for advice on how to legally and ethically approach raising the rents to reflect market value, should I decide to move forward with the purchase.Some additional context: even if I were to negotiate a better (reasonable) price and were to successfully evict a tenant who is 5 months behind on their rent and charge the market rent for that unit I'd still be -$600/month. 

Wishing you success as you embark on this exciting path!

Feel free to connect for more info.Cheers to Your Success!

A well-thought-out property management plan, ongoing learning, and optimization are all necessary for building a successful real estate portfolio and achieving financial independence.Good luck!

-Do you have a deep understanding of construction terminology, processes, standards?