@Andrew MerewitzState of LLC FormationIt is normally advised to create the LLC in the state that you will be holding the real estate; Florida in this case.If you created the LLC in New York - you would be required to register the LLC in Florida; increasing your total costs.Please also be advised that it can be costly to form an LLC in New York.Location of CPAThe important aspect of looking for a CPA is that he/she understands the taxation of real estate.Technology(emails, phones, skype) allows you to communicate properly through an accountant eventhough he/she may not be in the same city as you.Florida does not have a state income tax.

If you purchase a property that is cash flow positive after accounting for all expenses, and you are a buy and hold investor, it does not matter much if the value drops the next 3, 5 or 10 years as long as you don't have to sell the property.  

That only makes it MORE incumbent on the settlement agent to adhere to the written agreement terms, and account for the assignments of rents and prorates, etc. 

It is also good to know the cost of repairs in advance and again have these cost allocated in a reserve account . 7.

Ive seen on bigger pockets and the site rentimeter.com keeps coming up but this site only takes into account the number of bed/baths in a property and not that fact that a 2 bed 2 bath multi family is actually 2 separate units with 1 b 1 bath in each. 

Don't forget to account for vacancy.  

If the PM is not holding tenants accountable for their responsibilities then it is time to find a new PM.

So it may be wise for you to get yourself educated for a bit first and put the money into a low-risk liquidatable investment or savings account for now.Lastly, I swear BP isn’t paying me to promote this book, but I did recently buy and listen to the Audible version of the BP Publishing book by David Greene, Long-Distance Real Estate Investing: How to Buy, Rehab, and Manage Out-of-State Rental Properties, which you can find on the BP Store or Amazon.

Having the accounting background I do helps me understand investing easier.

I think percentages don't take real life into account.