Here's a pretty thorough list of what needs to be done to prepare for heat treatment and what can't take the heat.  

She is also a licensed tax preparer. 

But if you were planning to house hack for a long time there then I’d think it would be a better option then renting.Things id be aware of house hacking anywhere near Boston:-Make sure you pick a town with a decent renting pool-Appreciation will be your best friend, not cash flow-Be prepared to spend on renovations always happy to share my experiences or resources if you want to connect! 

As you prepare to rent it out, it’s great that you’re thinking ahead about the legal and paperwork aspects.

Now in purchase money states like the were we live risk of a default does not exist.. but in a State like Texas a seller could get twisted up pretty bad.Thank for that insight, it sounds like you were well prepared to be able to just cut a check to take out the underlying mortgage when called.

However, if you're thinking about doing it full time, you better be prepared to work 60 hour weeks.....minimum!

You have to be prepared to move fast on what I tell you. 

When I apply for refinance, the bank will typically ask me for mortgage statement, how should I prepare one?

Fyi... you said the magic words "Californian" be prepared to be inundated with DMs from OOS agents.

If an Accountant, a CPA or a tax preparer or anyone who is giving you this advice ...... ( I am not saying anything ).Here is another think - as you are flipping properties you do know that you are supposed to pay estimated Income Tax on your gains.