He also had gray hair and a few decades under his belt.

To avoid usury, you will need a licensed CA broker to originate this loan.

Originally from California.

Thank you @Benjamin Aaker this was the original plan I wanted to do that way I stay out of trouble.

Today these houses are valued at $700K- $1MM (original home structures).I'm looking to do something similar, but the East Coast has obviously appreciated significantly since.

You got Title Insurance issues and original homeowners you're messing with, the world is not a forgiving place.

Maybe some alternatives, like buy a second one, move into that as your primary, then after a year or two 1031 the original one.   

Originally posted by @Carol Venolia:I'm one year into being a landlord, and I loved it for about the first six months--in spite of numerous challenges.

Originally posted by @Marcia Maynard:Uncollected late fees for over a year!  

I fully disclose the fee to all clients, include the original vendor invoice in their landlord portal, and make it abundantly clear to them what my mark up is both contractually and time of initial invoice.