I truly, truly believe that buying out of state for one, single investment property may feel like a start, but it in most cases can turn into a defeating experience.  

I have been looking in a certain area for some time now and about once or twice a month a property pops up that seems much better than those that have been sitting on the market for a while. I now (think) I know wh...

So it defeats the purpose and creates two sets of fees.  

This defeats the purpose of the LLC and reverts the liability back to the natural personBefore you do your first deal, I would make sure that you have a solid understanding of how the wholesale process works, i.e. offer, acceptance, contract forms, assignments, double closing, etc.

Makes no difference what the laws are in NV, if you form a NV entity and flip homes with it in CA, you lose the liability protection it offers and you can count on CA coming for you for their end.Unless you register your entity as a foreign entity in the state you are flipping (which defeats the prupose anyways - just form there to start), you lose out.

I doubt we will ever see a second, third, or any wave of REO's because it is self-defeating.

The only issue is the down payment would be coming from his father in the form of a "gift" and his bank will only allow his father to gift him 1.5% of the 5% which kind of defeats the purpose of us using his money because he's wiling to contribute a lot more than that.

that can't possibly be right plus that totally defeats the purpose.  

On the other hand I can see it defeating the purpose of the yellow letter, and that you want to force the most motivated people to pick up the phone and call you.Would love to hear any and all feedback.

Landlording can easily turn into a full time job, which defeats the purpose of being one imho.