The home also needs to be built after 1975. 

I like Warren Buffet's advice to make sure you understand the investment completely before investing.  

I imagine that the list is short and full of risk.

With rehabs you want to know enough about how houses work to manage the tradespeople.

To only invest $5k into the deal with those returns is fantastic. 

When I purchased my property, I had read all the exciting developments in the works...indoor waterpark, shops, new hotels, restaurants, etc., but was severely disappointed when I went recently with my family. 

What's the lowest credit score you will allow?

I listen to the problem solving episodes for the same reasons I read forum posts.

So, you can do a land contract for 12 months, which should allow lender to credit you full value of the land vs the purchase price, but the loan will pay off the land contract, so the lender maintains first lien position.Can't help you with the rest of your question, but you should be able to search for "CPA" here on BP to find experts to reach out to.

California is the worst with taxes.