You can also win at anything in life and if you keep gambling away with your proceeds, sooner or later you can have a bad loss. 

Without investing time into research and understanding a neighborhood, REI can be a bit of a gamble.

It you found THE location and McD can't go anywhere else in a cheaper market (not typical) then you could try to ground lease but that's more of a risky gamble and I'd have many exit strategies. 

But the number one thing to do is to be a high earner in your chosen field. 

Not worth an OOS investor gambling on investing in that Neighborhood when there are so many other BETTER Neighborhoods.

Would that be investing or more like gambling? 

House hacking is a possible alternative, but given California's high real estate values, investigating other areas may be a good decision.Houston, TX is frequently seen as a favourable alternative for out-of-state real estate investing for various reasons: Diverse Economy, Population Growth, Affordability, Landlord-Friendly Laws, Job Opportunities etcRemember that success in out-of-state investing often involves ongoing communication, local support, and adapting to the unique aspects of the chosen market.Good luck!

SBA won't loan on the gambling income, or anything passive- your bottom needs to be in the gas station chair.SBA loan now takes LONG processing time unless you go direct.

Consider your goals and how your chosen passive income stream can help you achieve them.

(different loans have different seasoning periods for your funds and different guidelines on allowing gifted funds - something to consider) To determine closing costs you can call a local title company in your chosen area and ask them for their fee sheet and your lender should be able to provide you with any other fees associated with the loan.