BP COMMUNITY I’m Christopher Espinoza ,I'm based out of Long Beach, CA and I’m passionate about helping homeowners in Detroit, Mi.  

But here’s what separates the long term successful investors from the wanna bes, the hopefuls, and the people attending every seminar and buying every mentorship and never establishing a successful track record1- the ability to IDENTIFY a deal - most deals are not  advertised at a great price - negotiation is needed.

Then, when they're ready to move in, they could convert it to a residence and remodel the house to fit their needs.I hope @Dave Foster and others can provide specifics on implementing this approach, especially when it comes to the long tax arm of California.

We are based out of Long Island and invest in Milwaukee because of the L/T laws, price to rent ratio and some other metrics.Good luck on your journey. 

But also, how long does it take in this case?

UW turn times (If you send docs for review, how long will the underwriter take to review?) 

It really doesn't matter as long as the lender is licensed in the state the property is in.

Outline a clear exit strategy to meet your long-term goal of retaining the property for cash flow.Work with a CPA to ensure tax efficiency, particularly around depreciation, capital gains, and partnership income.

While none of us will be getting our money back he can live well selling off the remaining assets as long as they don't shut him down.

And there you are in luck because you can purchase any type of investment property anywhere in the country and defer all tax as long as you purchase at least as much as your net sale. and use all of your proceeds from the sale in the purchase.