s most economically powerful state, California (one of the biggest economies in the world by itself) is on the verge of bankruptcy ($26 billion deficit).

America has deficits Totalling 62% of our GDP (gross domestic product).

My question would be:Do you have enough knowledge / experience / etc. to overcome the credibility deficit of not having the credentials?

The Fed can't raise rates much without seriously hurting the deficit that's already out of control (half a trillion just on debt servicing). 

My situation is odd - most of the funding is coming from seller financing, but I need gap funding to cover a $40k deficit.

Because many people in "the rest of the country" see Californians as smug, self important, arrogant buttholes whom are intoxicated with deficit spending, both personally and with regard to state government. 

It may never be worse in my opinion (can't get much worse than that)..The tough part about landlording is that you end up absorbing some of the fallout from the deficits and issues in the tenants' personal management skills. 

Anyone who visits Memphis and is not concerned to put on a few calories should visit that place.  

However, you need to think about the long term implications of our absolutely untenable federal debt, continuing deficits and unfunded obligations (more than $45 Trillion). 

We provide them with an electronic copy of the bill each month and every three months we reconcile.If there is a deficit in the account we invoice them and payment is due with the following month's rent {this has only happened twice when we carried the electricity and natural gas and there was a very cold winter ... normally we set the monthly utility contribution high enough this does no occur}.