Having said that, prices and rents are higher in the Bay Area in CA than many in the lower-priced states, so it might justify the investment a bit more..

Also, I’m likely to invest out of state as California is too expensive.

We bought a place in Truckee, CA (Tahoe area) across the street from Donner Lake, a few minutes off I-80. 

I recently bought my first home in Thousand Oaks, CA—a huge milestone for me.

For context, I'm based in the SF Bay Area in CA and looking into buying my first OOS rental after house hacking locally for 10 years.

It's against the law in some jurisdictions (OR, WA, CA and others) to even approach someone in a distressed situation unless you are an attorney, a realtor, or a registered "Distressed Property Counselor" and you can't benefit by buying or wholesaling the property.Equity Skimming and related penalties of sentencing are detailed in 12 United States Code USC Section 1715Z-19.

The instruments needed for the transaction will be state specific which means you should have someone from California chime in with resources who can provide low cost documents (as these will be boiler plate).

I’ve owned different residential homes in California, both sold off market and for over asking.

If you’re planning to add A/C, a ductless mini-split system could be a good compromise.Good luck with the reno!

At CA tax rates it doesn't take much to be a significant number!