You've got a known and filed and over encumbering Medi-Cal claim.  

The special nature of the IRA ownership of the vehicle does not impact in any way the type of account the LLC will establish at a bank or credit union.So, you are just looking for a good bank at which to hold a business checking account.

However, if a CA resident is attempting to establish an out-of-state LLC (Delaware, Nevada) and conduct business in CA (property investment), then he/she would be required to file foreign status in CA and pay the applicable franchise tax.  

I was not too fearful to even try out of state and am not attempting to project my fears onto others, nor am I trying to sell anything one way or the other, but still advise others with little experience, scale, systems or an established team on the ground to NOT try to invest out of state because it IS risky and it IS difficult, based on my personal experience for nearly as long as you Jon out of state and longer in state. 

We look to use Vendor financing whenever the possibility presents, but despite an established track record, we are only successful one offer in five (or less). 

So, I have a single member LLC established.

Mitigating the time a unit is not rented is key to establishing the strong NOI possible. 

It turned out to be a turnkey property that the owner needed to sell fast to pay for medical expenses.

Probably best to get that relationship established early.

I am scared to accept the rent without the late fees built in, as this would establish a bad precedent.