Things that sucks about being a California resident and investing in RE in other states are1) you have to file multiple state tax returns2) Since California taxes on worldwide income - you are ultimately paying CA tax rates on the income(you do get a credit for taxes paid to other states but you still are paying CA rates)Did you have any specific questions in mind?

It looks like you need to file a nonresident state tax return in Nebraska and New Mexico where you will report your rental income in these states.You will then file a resident state tax return in Philadelphia where you will report your worldwide income.

At the moment i am primarily looking at Las Vegas and Los Angeles to get started, as they are tourist heavy cities with good all-year climates and somewhat friendly laws towards vacation rentals.

Being straight out of college I don't have a lot of money to invest but I would like to get into owning rental properties since I live in a pretty big tourist area and college city.

Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbookYou might consider Niche or Specialized Housing like student housing or tourist rentals works great in SF.

Is the location of your property have tourist attractions?  

I buy mine in Pigeon Forge / Gatlinburg and I pay my taxes. 13 million tourists and 7000 residents.

Hello @Jordan Futch,We've operated a one-stop investor services business in Las Vegas for 15+ years and delivered over 480 properties to over 180 clients worldwide.

Just because someone is currently getting away with something that is illegal is no reason why you should consider it.I live in the Greenville area and would prfer to buy in tourist areas.

From the perspective of property management, doing renovations in order to prepare a property for tourist rentals, and requesting tourist licenses.