If you start self-managing in January and continue through the rest of the year, you should definitely be able to satisfy that requirement as long as you’re more involved than anyone else (including contractors and property managers).

Side note, she was able to get into this property for just under $13k and we we're able to negotiate the seller putting in a new AC unit as well as paying a $7000 invoice to a contractor to replace the roof.Moreover, if your credit is solid, I'd opt toward a 5% down conventional loan if you're leaning toward the 3.5% down FHA route.

Someone suggested going for a student housing rezoning permit but I don't want it to take up a huge portion of the time of my contract or cost exorbitant amounts of money..

We're bringing a knowledgeable general contractor to the property walk-through next week to assess potential risks, and I will also check the HVAC and electrical systems myself, as I have some experience in these areas.

The problem:  I'm on contractor #10 in Southern CA and so far nobody wants to quote the project!!

. :) That's what I do, and it doesn't require any permit, registration, or license from the city.

Or contractors only give me bids if I own the place? 

I’m a licensed real estate agent in North Carolina as well as a contractor here in the triangle.

If you're a contractor a fixer might be better, if you're a marketer maybe an STR and so on.  

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.Any lawsuits should be limited to the assets of the LLC and not your personal assets (assuming you run the LLC appropriately and the corporate veil is not pierced, some debate as to SMLLC).