Hi Micah, since you are actually buying the homes and renting those out you are actually buying an apartment complex that has 30 year old mobile homes as the apartments.

Hi James, this definitely sounds like an interesting situation; since I'm not as familiar with the estoppel process, I'll defer to others but I will say once you've decided to move forward with the 3 family complex, there are a lot of tools out there that can help you to manage your entire rental process (including customizable online leases), in addition to you being able to list the unit on 10+ major sites with a single listing; in addition you can request tenant screening applications, online rent collection, and automated maintenance tracking + messaging, just to keep the process seamless).

California tends to be more complex than most other states from a tax standpoint (well really all standpoints it seems) and as a California resident, you will be taxed on ALL your income in California. 

Plowing is hit or miss depending on the reliability of your plowing contractor and snowfall, but you should expect a minimum of $1500 per winter for a lot of that size and complexity.  

:)Now, for the cool part (no, that wasn't the cool part)... the reason we are selling is:(a) we wanted to capture the equity in the property at a time when it *appears* we've reached the top of the cycle (I don't have a crystal ball, I could be wrong, but things have gotten pretty crazy in our market) AND (b) we are closing on a 24-unit apartment complex in September and want to use that equity towards the down payment on the apartment.

$300 per unit, or for the total complex?

Should we:1. cash buy 4-5 cheap properties and collect the rents 2. buy 2-3 more medium priced properties3. put 20% down on as many properties as we can 4. buy a larger apartment complex with 20% down-is5. other.We currently have 3 properties-2 others free-and-clear, and all three rented.  

I just came across a 12 unit apartment complex that is a section 8 government subsidized.

For both apartment complexes the two bedroom apartments have the exact same layout.

The only A/B areas that exist here are far West (Summerlin) and Southeast (Henderson) with some spots in various locations throughout the valley.If you do find an apartment complex near the Strip, it will probably be 3-5 cap.