Find a rockstar PM and a rockstar STR manager/consultant and you are well on your way.

If you know of a CPA or Attorney in CA that would be helpful in the matter I am more than happy to consult with them.Section 121 of the IRS code has examples but does not provide examples where the gain is in excess of $500K, so I am trying to get a clear understanding of how to manage the distribution of the gain.

@Joe Miller That's a good question and best that you consult your title company for exact details.

There's always some good locals that monitor that forum and you might get some good recommendations there too. 

Be sure to look up consulting firms that specialize in demographic analysis for self storage.

When doing a DFE or delayed financing exception you will be wiring that money back into your business checking account at closing if the business account originally dispersed the funds to purchase the property initially.The above is the financial and accounting end of it and the logistics.However, on the lending end if you need more funds because you're going over budget then you'll need sufficient income, assets/reserves, and credit to qualify for the new mortgage.Depending on how the property is currently titled you may have to QCD (quit claim deed) that property back into your name to close.This of course brings many other issues such as taxes and bookkeeping back into the foreground so consult with your tax pro on the implications of this as it may mistakenly create a taxable event depending on your business entity.Back to the lending end, assuming this is not a portfolio loan, you'll be closing your conventional loan into your personal name or your living trust.The funds will be wired to the entity or account that purchased the property in the first place (back to business acct if original cash purchase was from business acct).Let me know if you have any questions on the above.

Good management and 24 hr video monitoring ? 

.- Continually monitor/check brick veneer for repointing, sagging.- Check chimneys for cracks every two years in elderly properties.- Annually trim back tree branches extending near or over roof.- Perform radon test every 5 years.- Perform sewage line inspection every five years, especially with old, established trees in obvious vicinity to sewer line, maple root systems are typically shallow and extensive (<5 feet)/oaks go deeper and never stop growing even if the tree branches keeps getting trimmed back (>5 feet).- Monitor typical icicle build-up, watching for insulation/roofing degradation.- Glyphosate weedkiller application 2x yearly, early spring, midsummer in problem areas.- Check window trim for wood rot (I have a constant bone to pick with window replacement companies that offer window wrapping for older homes, completely hiding existing trim as it degrades further and lets in more cold air!)

Always consult with your attorney before you rely on the above information.

My name is Thayer Hood, I am a Broker/Investor Consultant in the booming marketplace of Indianapolis, IN.I am a newer agent, but I am ready and willing to learn from anyone and everyone who is willing to help.I thought my passion would be in the residential wholesale side, however after our team has found a few new properties and having met with contractors for bids, I have found my passion in REI.Being new or not, even I can see we have some incredible opportunities for investors.