The most actionable step today is to talk to a CPA about whether you should run this through an LLC taxed as an S corp once you do a few a year and to set up a clean bookkeeping system so materials, subs, mileage, interest, points, utilities, insurance, permits, and even some home office can be captured.

If it still works with a modest loan and normal assumptions, the market can support the deal.Re-running the numbers with conservative assumptions usually makes the right next step pretty obvious.

I live in Northern California and am looking to step into real estate investing by purchasing my first rental property.

When we're gone, the next generation can get a step up cost basis and also eliminate all the depreciation recapture. 

Do I have to proceed with eviction steps?

@David V Flores, I'm guessing many people will tell you to get quotes and that may not be a bad idea for something this large but I'll give you another basic method to "estimate":1.

The issue I see most often is people try a new marketing method for 1-3 months and then write it off because it yielded limited results.

.* MRVP Savvy: Needs to know the specific administrative steps for notifying Metro Housing Boston/AA simultaneously.* Owner-Occupied Experience: Understands the specific rights of a landlord living in a two-family home.

And it can build the confidence to eventually step into investing yourself.I just recently received my CCRM certificate in CA and I'm doing smoke/CO and habitability inspections for a property management company.

Here are a few practical next steps to turn this into a real deal:1.