And you're getting tax benefits.So many of my first-time Colorado investors are afraid of looking stupid because they got a "bad deal."

Bringing in a partner, second mortgages, line of credit are sources of additional funding to close. 

He regularly analyzes markets and explains why they are good or bad for investing.

So...in order to access the equity built up to replace a roof or whatever would require a cashout refi which sounds pretty bad if that is what I must plan on from the beginning.

You can look into switching to a local credit union or portfolio lender, as they tend to be more flexible with regional policies.

It is about 20 miles away so it isn't bad.

Quote from @James Hampton: That's a bad practice to follow.If an occupant is not named on the lease, you may have difficulty enforcing rules or evicting them.

Yes its a very bad idea.

Wasn't too bad. 

However, you can claim a tax credit on your California return for taxes paid to Oregon, mitigating double taxation.If you only plan to own this one property, consider using umbrella insurance as an alternative to an LLC.