Both properties have a substantial amount of equity that’s essentially sitting idle.Would it be a good idea to tap into this equity (through a HELOC, cash-out refinance, etc.) to fund future fix-and-flip projects or purchase additional rental properties?

Additionally, for the AR llc, do I need to register the LLC in California as a foreign company?

In addition to that, building your network is key.

In addition, due to them being eligible for conventional non-commercial financing they typically have lower cap rate than 5 units and more.  

Additionally, when underwriting deals, you need to account for the general idea that repairs and maintenance will be a larger percentage of your rent, the lower your rental is.  

if there is appreciation, but you wouldn’t sell your current home tax free and buy a neighboring home to rent out, (There by raising your cost basis for additional depreciation and lower capital gains tax.) then it probably doesn’t make a good rental property. . 

I heard that you would need to get neighborhood approval in addition to the city approval... 

It is very embarrassing to admit that a woman who has been an entrepreneur, taught college, and accomplished a few things in life, could be so totally taken in.

But this comes with pockets of C/D neighborhoods, and higher potential for headaches;  in addition, appreciation in these zips has probably maxed out for a while.

Additionally, many states offer property tax exemptions, significantly reducing expenses.