Also, certain demolition like removals of load bearing walls will require engineers and or an architect.

Vacation rentals up in Arrowhead and big bear are interesting to me too, but right now cash flow OOS seems to be what I will focus on primarily.

They're the ones that convince the landlord to sell their rental property to someone else, because the idea of cleaning up after their mess is just too much to bear for an absentee/ageing/uninterested landlord.

You license has no bearing in another state.

@Marc Izquierdo Think from an investor perspective, what weight will this 3+ position will bear?!

Rant mode is on- but this should prove entertaining and educational so bear with me.I made the mistake yesterday of using the little "contact agent" form on Zillow. 

You have to also bear in mind that FHA have loan limits.

It doesn't necessarily have any bearing on my issue at hand which is determining what to do with the gain from the sale of a property which I am not sure I want to sell! 

As with any For Sale By Owner (FSBO), some are good deals (meaning they easily exceed the 1% rule) and bear out a good ROI after more rigorous analysis.  

This section prescribes rules for tracing debt proceeds to specific expenditures.Treas Reg §1.163-8T(a)(4)Treatment of interest expense(i)General ruleExcept as otherwise provided in paragraph (m) of this section (relating to limitations on interest expense other than the passive loss and nonbusiness interest limitations), interest expense allocated under the rules of this section is treated in the following manner:(A) Interest expense allocated to a trade or business expenditure (as defined in paragraph (b)(7) of this section) is taken into account under section 163(h)(2)(A);(B) Interest expense allocated to a passive activity expenditure (as defined in paragraph (b)(4) of this section) or a former passive activity expenditure (as defined in paragraph (b)(2) of this section) is taken into account for purposes of section 469 in determining the income or loss from the activity to which such expenditure relates;(C) Interest expense allocated to an investment expenditure (as defined in paragraph (b)(3) of this section) is treated for purposes of section 163(d) as investment interest;(D) Interest expense allocated to a personal expenditure (as defined in paragraph (b)(5) of this section) is treated for purposes of section 163(h) as personal interest; and(E) Interest expense allocated to a portfolio expenditure (as defined in paragraph (b)(6) of this section) is treated for purposes of section 469(e)(2)(B)(ii) as interest expense described in section 469(e)(1)(A)(i)(III).Treas Reg §1.163-8T(c)(4)Allocation of debt; proceeds deposited in borrower's account(i)Treatment of depositFor purposes of this section, a deposit of debt proceeds in an account is treated as an investment expenditure, and amounts held in an account (whether or not interest bearing) are treated as property held for investment.