Where do you live, and where are your units? 

Keep crushing it, and feel free to reach out if you have questions—excited to see where your journey takes you.

Where else do you have a chance of getting that sort of tax free cash when you are young.You could also renovate, refi and rent it. 

Check out FilePlace, where user-created forms are available for free.

May I ask, where are you finding $25k properties and what is the monthly cashflow you are receiving? 

Where in the Hudson Valley?

If we were heading for a crash, prices wouldn’t be holding steady like that.Now, let me tell you from my own experience—I own 32 properties, and here’s how things have played out:15 have dropped about 20% in value (mostly in areas where demand cooled off).10 have stayed flat, meaning no loss or gain.7 have actually gone up in price, which proves that not everything is crashing—some pockets are still appreciating.And I don’t touch condos.

It sounds like a single family house where you will be living in the house(personal use).Therefore, you may not be getting the tax benefits you think you are.Consult an accountant.I am not sure why your sister would agree to this as well, she is losing $170,000 in this transaction and she faces the possibility of you increasing her rent.You also have to charge market rent or close to market rent or it is all deemed personal use.

All of these would be out of state, likely in Tennesse, Georgia, Alabama, etc. where the money will go much further and landord rights are better than CA. 

A FHA 203k Loan is where the purchase price and rehab costs are rolled into a single loan.The downside of using FHA or a FHA 203k is you will need to live there, for a minimum of one year (to satisfy FHA Requirements); AND because you closed personally, you will not have Asset Protection, in the form of closing in the name of a LLC.