In CA annual assessments are limited to 2% or the rate of inflation (whichever is lower).Hope this was helpful.

However, like a lot of people already mentioned you need to have a limit.

People in those markets typically won't pay that much more for premium finishes as they have limited budgets.

I am wondering if there is anyone out there who would be interested in mentoring me to help build upon my understanding of forming a Limited Liability Company. 

If we sold and had the money for down payment/rehab, my wife would put it in her name.We're trying to "time the market" because many things I've read/listened to (Including but limited to Bigger Pockets Podcasts) says we are overdue for a down-cycle in the housing market.

@Felicia GossettHi Felicia,I was in a similar situation in 2019. 620 credit score and $40,000 in credit card debt and almost maxed limits.

The Biden Administration has proposed limiting Section 1031 exchange deferral to a maximum of $500,000 (single taxpayer) / $1 million (married taxpayers)

Purchase Price: $369,000Rehab costs to date (Cash/0% Credit card): $22,000Additional cosmetic rehabs: $6-8kAs-Is Appraisal: $420,000 (April 2021)Current Rental Income (friend living with me): $800Mortgage: $2000Comps in the area: $490-560K but average sqft price $264 with prop size of 2450 sqft, so could be more.Rentals in the area: $2.5-2.9K a month, not including additional living space.My financing/current capital methods:Personal Income: $129,000 a year.Rental Income from above: $800Student loans: $340 a month.No other debts other than CC payments for rehab and personal debts: $12,000.Savings (does not include investment accounts, 401k or IRA): $12,000Cumulative CC Limits: over $50k.My questions include: What are my best options to get this thing to cash flow while adding as much value as possible for a refinance (pay off CC and have cash for another off market property I have in the wings).

The product I'm most familiar with provides your requested property limit for each location, as well as a $1MM per occurrence / $2MM general aggregate limit for each separate location as well. 

Instead of cap rate, I focus on total returns to investors and DSCR-limited investment proceed .