If you are convinced this is the guru you want to follow, pick up a cheap resale on amazon or ebay...read and study it cover to cover. 

I saw two recent studies comparing rental costs to home ownership.  

@James Walker I would start with planning and zoning, assuming you've done that part and/or feel likely you can get it approved, then I would pay for a feasibility study from a neutral 3rd party. 

@Randy Winzeler You are definitely still eligible for depreciation and a cost segregation study. 

It involves using Section 179 or bonus depreciation, and I would not DIY this project, as distinction between repairs and capital improvements is one of the most confusing areas of the tax law.And no, you do not need a cost segregation study to deduct these components of your rehab - if you have itemized invoices and receipts.Myth 8: for a valid 1031 exchange, I must exchange STR for another STRNo, you don't.

Those landlords had best take some time out to study the law.When a landlord implements standards which are designed to eliminate certain aspects of risk, such as minimum income levels and credit scores, and those standards are equally applied to all applicants it is not discrimination or illegal.

You are a teacher from California looking to invest in states that have a high demand for section 8 housing and asked some suggestions for good states to invest.I am a retired teacher myself and all of my tenants are section 8.I personally love section 8 tenants and proving safe and affordable housing for them.I am in Michigan.

Can they prove how long it takes to rent a vacant property?

I have never purchased an investment property, have minimum knowledge besides what I've studied on, and have zero hands on experience.

This thread is proving me right.