@Sakib KhanRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Insurance-  replacement costs.  

This means that you will probably need to pay registration and filing fees in at least 2 states if you don’t buy CA property as a CA resident.Be sure to tell your accountant that you may now need to file non-resident income tax returns in each state where you own property as well.

I use Eric Kloth out of Redding and he is stuck with us for this and our future home buying needs. 

Quote from @John Friendas: There's a house I'm considering buying with a business partner as an investment rental.

Are you wanting to replace your job and do REI fulltime or just part time investing, or?

I'd personally say pulling your water heater out and replacing with a wall mount on demand one, would be worth the cost to have in unit washer dryer if you are staying there or renting it, it would be worth it.its always worth doing the big stuff well and correct even if you are cleaning up after someone, the long term hold always prevails, its just a little frustrating front sometimes, but hang in there!

Why not use your IRA to just buy the property? 

We purchased this buy and hold historic duplex which faces William Land Park in Sacramento.

I buy and sell real estate notes.