So be very very careful paying attention to the pitches. 

Quote from @Mike Wells: Be careful of shiny object syndrome.

Who cares about the interest rate.

Trust Your Gut—And Your Strategy:It sounds like both you and your wife are weighing your options carefully, which is great.

Financing the deal with private money was effective for quick acquisition and rehab, which added substantial value by making the property more desirable for tenants.The main lesson from this investment was the importance of careful property valuation.

(This is in the Southeast part of the country.)Market FundamentalsPopulation Growth: 1.8%Median Household Income: $77,573Wage/Income Growth: 7.3%Unemployment Rate: 4.2%Job Growth: 2.7% (slight decline last 2 yrs)Home Ownership Rate: 59%Median Age:  35Employers are stables between Health, Tech., National Retailers & Shipping Companies, local schools and BankingCrime is 1.06 Violent Crimes & 9.82 for Property CrimesSchools are on average 6/7 out of 10. 

If you don't have the vision to have MANY airbnbs in Champaign I'd suggest figuring out a strategy you have a long term big vision.Pros:  High cash flow (if done right), typically properties are oddly better-taken care of, sexyCons:  Management/system intensive, always on call, regulation can change things instantly  

Please please be very careful at anyone you will be throwing more than about $200 at to learn from because most of these gurus are just frauds.

I want to build a legacy for my family and have the ability to take care of my parents and in-laws in the future.

Is the lawyer just being extra, extra careful...or are there typical scenarios where having it registered in NV will help for a property located in CA?