Do I have to be a resident in the state im buying in? 

I still may proceed as it’s my primary residence so the negative equity portion is not my primary goal but it remains a good argument against.

Investment Info:Single-family residence buy & hold investment.

To receive the 4% ratio, you have to submit an application showing the property is your primary residence.

If the duplex sells for $500K and you exchange into a duplex in LA for $1 mil then you could use 50% of it as your primary residence.- Do I qualify for for a section 121 exclusion sense I lived on the property for the first 2 years of ownership?

I'm excited for the opportunity to be apart of the community with BP, I reside in the state of Virginia and started my investment journey many years ago at 22 doing fix and flips, I stopped when the market crashed in 2007/2008 and didn't like the way the market looked and I left the investing world, I became a mortgage loan officer, and then processor and later underwriter and learned the backend of the conventional lending world.

Investment Info:Single-family residence fix & flip investment.

And preparing a building site and installing a driveway are further considerations if I even decide to build something there.

Speaking from the Arizona perspective, we are experiencing continued growth, attracting lots of new residents (Californians choose Texas and Arizona as their top 2 places to move).Here's an economic forecast:https://www.azcentral.com/story/money/business/economy/2019/12/11/arizona-state-university-annual-economic-forecast-predicts-slower-growth/4398074002/Not sure where you are getting your "low rent" thoughts, maybe compared to CA.

Should I refinance, I know I cannot do  HELOC because it is not my primary residence.