See responses to your questions below: Correct, California is uniqueTo qualify for REPS you need to meet a number of criteria, including (but STRs that meet IRS criteria generally don't need REPS to leverage tax benefits): More than 50 percent of his/her time working in real property businesses; AND, More than 750 hours of service during the year.

Are there other legal or financial consequences I should be aware of?

I'm connected with a group in Indianapolis that meets monthly. 

There are many here in my local area and your area is likely to have the same type of meetings.Most of the deals that I fund are by meeting investors in person at these groups and creating strong relationships. 

This is for basic informational purposes I am not an attorney and this is not legal advice.First, if you offer to purchase a property using a HELOC to fund the purchase you cannot later back out of the agreement because you couldn't find PML or investors.  

I’m interested in networking and meeting up as well. 

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

Who would like to schedule a meet and greet? 

If you are not out by the deadline or the property is damaged, this agreement will be void, and the Landlord will pursue legal means to evict and collect all unpaid rents, plus any other charges owed."