You won't be able to use conventional financing and must use a non-recourse loan which typically require 40% down.

While the image of yours I found seem to show the main entry to the 2nd floor at ground level, the older the prospective tenant, the less interested they are in a non-ground floor unit. 2) Using another part of the property as storage could limit interest and I could see that as a turn off with folks once they find this out.FYI, the listing I found on realtor.com makes no mention of the tenant not having access the entire property or the basement being used as storage.

Even if you create a non-CA LLC, if you are managing the business from California, you will likely be deemed to be "doing business" in California and therefore likely subject to CA taxes.

However, if the FHA interest rate is lower, I would still go that route and if rates drop refinance  however keep in mind FHA has PMI for life  Here you go FHA has the self sustaining requirement that requires the three non owner occupied  units to cover the entire PITI which with 3.5% or 5% down is virtually impossible with today's interest rates and price level.

Common sources of such properties include:Foreclosures: Homes that have been repossessed by banks due to non-payment.Distressed Properties: Homes that are in poor condition and need a lot of work.Auctions: Properties sold at auction for below market value.Off-market Deals: Properties that aren't listed on the MLS but are available for sale through direct outreach or networking.The key is to buy a property at a price low enough to ensure that even after renovations, the home will appraise for a higher value.2.

I’ve read quite a few posts about foreign investor financing but most seem to deal with non-citizen investors without US credit or personal tax filings.

So, their attorney gets back to them with the new that (1) their dream of a “contingency” fee lawsuit is a non starter (2) that the process is going to be long, drawn out, and (3) that a $15,000 retainer would be required. 

If you are open to non-traditional methods of financing, you could use a debt service loan to bypass that requirement.

When the 1031 is complete the exchanger will refinance the new property and use the cash from the refinance (now non taxable) to invest in syndications.

Nashville, Dallas, etc etc)Yeah, I know states like Florida and Arizona have prohibited local municipalities from restricting non-owner occupied STRs.