The institutional side of real estate is cracking down as well, banks, title companies and organizations like the NRA, ALTA, ABA, are having issues with contract assignments by parties that don't have the ability to buy.   

@Vida Novak  survey property to establish if you really have a problem  if its just two city lots and the house faces them.. then I highly doubt access or easement to the property is an issue.In most jurisictions the house is grandfathered in and unless your getting an Alta policy of title insurance.. a CLTA will suffice.. its the owner of the remaining lot that is fubared in this instance.. city will not make you move house or anything else like that.I bought a tax sale parcel once in CA. and the neighboring house was half way on to my lot.. we did have to have a trier of fact make a ruling and all he made them do was pay me fair market value for the lot..  

Those that are buying older homes inside of 410 (closer to the urban core the better), will buy at lower prices (except for super hot areas Tobin Hill, Lavaca, Dignowity Hill, Beacon Hill, Alta Vista, etc), will see appreciation over the next few years, will have high demand, low vacancy rates, and be taking advantage of all the growth/development going on in and around downtown.  

You can go a few streets over and be in a completely different neighborhood (Alta Vista, Kern Medical Center or Oleander/Sunset neighborhoods are good examples of neighborhoods that change block to block) Do you have some cross streets or a general area it is located in?

You can source the renovation costs on these documents - HUD-1/ALTA statement at closing and the money must be escrowed to be included as you initial cost with delayed financing.

If you include on your closing statements (which vary state to state - HUD-1/ALTA statement ) the renovation costs - and have them charged at closing......

I would like to invest in the surrounding areas of where i live ( Adelanto, Rancho Cucamonga, Rialto, Fontana, Upland, Alta Loma, Chino, Chino Hills, and Ontario).

Or an Alt A lender allows it but the interest rate is much higher than a conventional loan." in response to the question - How hard is it to obtain a mortgage loan with an LLC?

Or an Alt A lender allows it but the interest rate is much higher than a conventional loan." in response to the question - How hard is it to obtain a mortgage loan with an LLC?

Another tip for the future, if you want to pull more money out at a faster rate;If you include on your closing statements (which vary state to state - HUD-1/ALTA statement) the renovation costs - and have them charged at closing......