There is also a huge amount of strategic and legal expertise across many states in getting non-performing notes to “re-perform” and be sold, perhaps to someone like you.Performing loans don’t require anywhere near the same amount of work or expertise but typically involve a lot more capital per loan.

I've seen other people in the forum who simply use independent savings accounts but it is not clear to me if that is legal.

In CA, you are legally required to have a CA LLC if you are "conducting business in CA".

There are plenty of other markets you can stay legal in and even turn a profit.

I've always been able to find my STR clients investments that are legal and whose numbers works. 

If your target tenant is looking for a car-less lifestyle then you’re going to be competing with units close-in so you’ll have to win on price or features to get them out to 82nd.

@Scott Isbister Do you know if Calgary has finalized the ability to legalize secondary suites in attached dwellings.

Investing close to home allows you to gain hands-on experience, learn the ropes, and be more involved in the day-to-day.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

If the seller files for bankruptcy, that will involve you in a legal proceeding.