If you live in CA, NY, Boston etc - the financial difference is big enough.Investing in your home town is always best, you have the home-field advantage and you can buy, rehab and manage a lot more efficiently.

Understanding the uncertainty that comes with investing is a key part of finding success.I’m excited to hear more about your progress and future successes!

Your scenario is possible but not probable...admittedly I have never done what you suggest I've been the seller financing sales in my IRA, but I have read several BP contributors that have substituted collateral.

Can you give more details on your numbers, purchase prices, rehab costs, time to complete rehab, ARV, monthly rent?

if it’s illegal today, I don’t want inspector to show up and have more problemsI read about houses build before 1957 so if in current condition I would go to the city to get permitted, would 7ft ceiling still be a problem?

All it will accomplish is create a $800/yr tax bill from your lovely state.As to your question, read this thread:https://www.biggerpockets.com/forums/51/topics/1225072-do-i-... 

I want to start investing in real estate in America in the near future, since I am not in America, I live in Europe, more precisely in Serbia, any advice and contact will mean a lot to me.

If you’re open to learning more, I’m happy to share resources or insights from my own investing experience there.

I see a lot of great multi family opportunities here.

The GC does a lot of the odds and ends work of tying the place together.