- No it can be any type of investment property- If I did buy a duplex here in CA could I live in one side while renting out the other? 

You may pay 1.5m and up for a good one, likely more if parking and balconies, but the play is to buy a multi and then wait and in a few years, turn them into condos and sell them separately - that's how you make the money there.

I know it was popular when you could use it to buy yourself an EU passport.

But I also have been burned in the past buying mentorship’s that didn’t work out. 

This is my first time and I'm buying a fixer upper that needs a new compressor, roof and a total kitchen remodel.

Based on your post you're talking about buying the trailer, not the land.

@Guillaume Vidallet no matter what state you create an LLC in, all other states will require you to register any LLC that does business in their state.So, you buy a rental in Michigan and place in an LLC, you'll have to register that LLC in Michigan. 

Once you can figure out how to buy your second property, then you've started beginning to master scale.But I have a questions, you said:"Our end goal is to build wealth over the next several years and leverage that wealth to buy multifamily commercial properties!"

I would express my interest in buying the house.

You just buy as many as you can and then figure it out, there is no way to prepare, you just deal with it.