@Marcus KoI personally wouldn't do the refinance because you don't have that much equity in it unless as @ned @Ned Careymentioned it will help with interest rate or loan terms.

As @Ned Carey mentioned, the NOLO books can take you through step by step.  

I'm a Realtor® with Douglas Realty as Ned above described.  

your best deals will be at the auction as this is the first opportunity as Ned said.

Its been a while since I was lending money in CA.. but I do know that i prepared my notes and the title company prepped the deeds of trust in our transactions.in Attorney driven closing states of course its not an issue as Ned mentions.. because the closing function is handled by attorney and so they can prepare any of the documents and they do so as a SOP in these transactions.Not difficult.. and loan servicing with a note with no payments until the balloon.. is probably not needed as there is nothing to service.. and again this is up to the Bene to decide

And as Ned said, the property must have a lead certificate to rent out.

As @Ned Carey mentioned we have a meetup in Pasadena, our next one is this Thursday and we will be talking about lead paint with our guest speaker Neil Rosman from Lead Probe and also how to find your deals (both rentals and flips).

As @Ned Carey noted above,  it differs by jurisdiction.

Good Evening,I cant ind much information online , regading purchasing a Property listed on the HomePath website as n Investor, and therefore wanted to get fellow BP members helpA quick rundown of my situation ......

As @Ned Carey stated there's tons of free information on this site.