Presumably my gain will be much (less) on the second sell transaction in CA.Are there any regulations on how long I must hold my 'new' CA property before selling it (and going out of state) to avoid CA taxes on first transaction? 

Several recent transactions closed at 5%+ lower than the final asking price. 

@George HernandezTo expand your equity portfolio, consider private lenders like Non-QM Lenders, Private Money Lenders, Home Equity Investment Platforms, Portfolio Lenders, and Cross-Collateral Loans.

A hard money lender should be able to do a transaction like this.

We are changing the locks and im crossing my fingers it goes smoothly. 

So for us, Cross border investing may be what turns out to be the better option.

@Leo CuomoRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

Why do they get an equity stake in this transaction?

Going off that, if I were to choose a suburban market, doing CMAs and underwriting deals seems like it'd be a challenge as there's less transaction volume.

This approach not only allows you to create value through renovations but also increases your overall return on investment.Off-market deals are typically cash transactions, but if you don’t have the cash on hand, you can consider using a hard money lender.