If a landlord plans to hold the property for a while, we always recommend an annual lease, ending to align with the summer leading lesson, or staggered with their other leases depending on the situation.  

I know there are differing opinions on what number they should get a PMC, I think it depends on how much work you want to do and how much time and effort you want to put into it.

Of course, with all things, the answers to all these matters will depend on the circumstances.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

@Ryan Cousins it's really going to depend on YOUR analysis/projections of what you think the property will be worth in the future.You'll want to compare that to any capital gains tax-savings if you sell now.

@Alicia Howard Since your 5th wheel RV is used exclusively as a short-term rental property and does not move, its depreciation depends on its classification.

I also remember a time when we could claim a dependent on our tax returns even if the dependent didn't have a SSN. 

It can depend on the property, but owner paying the bills seems rare these days. 

@Cory Prior I would say it depends on what you want to learn.

Depending on the flooring specs you *might* be out of luck because a lot of LVP/laminate type flooring specifies on the install that straight runs will be no longer than X number of feet and room changes will be installed with a transition.

I’m currently targeting properties in the $200K–$500K range, depending on the location and potential cash flow.