I was interested in the finance and legal aspects of operating a multi-state buy and flip equity fund.

https://therentalgirl.com/tic While these are primarily Ownership oriented, I hope you will find it helpful in managing the "shared" aspect of your rentals...

Scam from day 1.Now some investments can fall between there numbers, or have aspects of 2 or more.  

Seems like the few people I talked to that are selling land in Florida are trying to sell it above retail without understanding that most of their potential buyers are going to be builders. do Not buy land in FLA without doing full due diligence  on all aspects . there are environmental gotchas that you need to fully suss out prior to waiving due diligence

., Honesty is the most important aspect in mortgage lending. 

I agree with what @Jaycee Greene said, having local connections accelerates all aspects of out of state investing.

I wasn’t really considering the appreciation/depreciation aspect at all.  

What aspects of leasing are you referring to exactly?

My experience indicates that solid due diligence upfront on the economics is the critical factor, the tax aspects often take care of themselves with only modest planning.

Everyone thinks they can become a millionaire fast, and skip all the discipline aspects of it.