Personally I am a fan of tertiary markets, but that's because we have a housing contract with the government, there is value in these markets that will allow you to grow and experience the ups and downs of real estate investing.

He has been on disability and collecting paycheck from government. 3.

Maybe Louisianais easier going but if it's an interstate you still have to abide by federal regulations.

There is no government agency putting Cap Rates on multifamily buildings in any given market.

Airbnb is definitely interesting as a strategy, even though regulations against it is something to contend with.

@Daniel Chun the reason for not being able to make a lump some payment is because the IRS has regulations on how much of the total premium can be paid in any one year.

I tend to buy in the Southern half of the US for 2 reasons:1) you get much higher year-round occupancy rates in the South & it’s simply tough to earn a good ROI in the North if your place sits vacant for a big chunk of the year2) Culturally, the Southern half of the US seems to be a lot more accepting of STRs regulation-wise.

Whatever shall the California government do?

If I'm following your logic correctly, your situation is:You have a previous HELOC on your primaryYou want to refinance to new rate/ termYou'll be paying off your HELOC from some other source prior to the refi (NOT via a cash out during the refinance)If that's the case, you shouldn't have any difficulty (other than perhaps some loan officers not being up to date on the regulations, or having other weird overlays). 

Find out how hard the water is and how often it needs to be checked and test as per EPA regulations..