You mentioned that if I create an LLC in AL, I don't need to create a foreign LLC in CA.

I know nothing about the above firm you mention, but a quick look on their website shows they are likely offering you DSCR, so just general things to look out for in that world. 

Nearly everything you mentioned here clearly and emphatically says you have tons of homework to do.

The city's appreciation, vacancy rate, cap rates are truly unparalleled when compared to the other markets you’ve mentioned.

Manteca, Fresno and Turlock were mentioned to me. 

I seem to recall a prior post where you mentioned Grand as your southern border, so what's your western border?

I am not familiar with Horn Lake and the economic conditions you mentioned as a CON, but if you already have those concerns, on top of a large rehab, which typically don't shrink as you get started, and being OOS and needing a PM team, you may want to consider other options as you get started. 

Similar to what Becca mentioned, if you can hold the home for long enough it will appreciate.

When I asked what did he think the rates would go down to, he mentioned possibly 6.5% but we decided to wait.

You also mentioned fundamentals.