Nice size to startwith, but not large.His particularsituation is he can retire in 12 months with significant pensionpayments and 401k funds, at the age of 56.

Additionally, you may wish to speak with a CPA as to whether or not becoming an S Corp is the right decision – they can assist with reducing self-employment taxes.

You will not get a large enough sample size to have reliable information.

Since companies have a limited lifespan (10–18 years on average), cities must attract new businesses to maintain job opportunities.Factors Companies Consider:Low Operating Costs: States with lower property taxes and insurance costs.Low Crime Rates: High-crime cities deter businesses and tenants alike.Natural Disaster Risks: Avoid areas prone to disasters, as recovery can take years, impacting your rental income.City Size and InfrastructureFocus on cities with metro populations over 1 million.

Chicago cap rates are actually much higher then other comparable sized cities.

Thus, I have worked 2 jobs (1  is self employment) for 7 years to fund purchasing a few single family homes locally. 20k is not enough to purchase IMO, that should be your savings AFTER your purchase.

One thing to consider is that in terms of wealth building and Kiyosaki's Cashflow Quadrant, owing a rental and doing work yourself is putting you in the self-employed quadrant, not Business Owner or Investor.I think there are a lot of factors stacked against California for long term rentals, and I think you know it too! 

These are primarily found in cities with a metro population >1M.Pro-business environment: Many cities treat employers as adversaries through restrictive policies.

When parents employ their minor child, the child is exempt from Social Security and Medicare (aka FICA) - if under 18.

Be mindful of short-term capital gains tax, as profits from flips held for less than a year are taxed as ordinary income, and frequent flipping may result in self-employment taxes.While profits from flips do not qualify for 1031 exchanges (since flips are considered inventory, not investment properties), you can minimize your tax burden by deducting allowable expenses like renovation costs, loan interest, and holding expenses.If you're considering diversifying into rentals, explore opportunities to benefit from long-term tax advantages such as depreciation and lower long-term capital gains rates.