Of course you could do both, depending what kind of capital you have.

However, your rental income depends on your tenants remaining employed at similar wages.

Of course, with all things, the answers to all these matters will depend on the circumstances.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

Vijay,  It all depends on the location of the lot. 

In short, I want to learn about how to draft my strategy for my region for value ad investments and find team members that I can trust and depend on. 

The steps I took depended on the property, each property is different. 

It depends on what you are trying to do.

It depends on the area you're working in too.

It depends upon how negative you think you're gonna go.I wish you luck.  

Might have to look into this...I'm still over here getting a new card for the $200 off of $500 in the first 3 months and borrowing free money for a year lol I've always done cash-back and just make sure I use the card w/ the highest percentage for whatever I'm buying - I think Amazon is 6-7% back (depending how how fast you want it delivered), Wal-mart had a good one (5% back) there but I believe their partnership w/ CapitalOne just ended, Costco has a good one (4% back and I think 7% on gas).