Laundry contracts are notorious and very tough to break.

Some of these guys are notorious for collecting non-refundable money up front and then finding a way to back out of the deal. 

I was looking at crowdfunding too, but don't know too much about it.The numbers:280k ARV125k purchase50k 3-6 month renohard money loan 150k 10.5% interest, 2.5 pts, 3k in fees (appraisal, app, background, closing, legal, underwriting)cash-out refi 5k closing costs, 70%LTV, 6% = 196k which would cover all of the costs and leave nothing in the deal.short sale, good foundation, and roof, in need of mostly cosmetic work. located 5-minute bike ride from where I went to college (which is notorious for not having enough housing) and a large hospital, 3k/mo rent is very doable and with a 70% cash-out refi, the loan would be like 1200/mo, and another 300 for taxes and insurance. 

@Josh Barnett the price estimates on sites like Zillow or Redfin are notoriously bad.

*The good and the bad  - good you get the freeze on taxes for 10 yrs, in baltimore city where taxes are notoriously high this can save you alot it also stays with the property so if you sell the new owner will continue with the benefit; good selling/marketing feature. 

La Quinta is notoriously anti-STR and there is a very small area of La Quinta where STRs are allowed.

I know more than one person who has considered leaving California and moving nearer to home in hopes of settling down and possibly raising a family - and not just because they'll be closer to family.As you mentioned, real estate is notoriously volatile, and if you're a more conservative investor California is one of the last places in the country that's likely to feel comfortable.

I think they did that so it'll close quicker. 203k loans are notoriously slow.3.

Only reason I ask is because those states are all fairly notoriously bad for cash flow.

Once I have enough of a backing there, I decided to pursue real estate as these are notoriously illiquid and a lot more work.