Now is the time to start investigating your target areas and getting familiar with your numbersBest of luck to you out there

Currently seeking more properties to purchase for cash flow, I also have done a high level investigation into purchasing a business.  

To do otherwise invites an investigation by the IRS (costly and time consuming), the loss of approximately 1/2 of the IRA (when taxes and penalties are considered--this does not include any legal and accounting fees you may incur), and the removal of any funds that may remain from the IRA.

I will second what @Dan Heuschele said and tell you to make sure you really investigate southern cal before completely writing it off as too expensive or too tenant friendly.  

Maybe Arizona but have not really investigate too much. 

You can file a complaint with the NC Real Estate Commission (you can do it online if you like), and they'll do a formal investigation. 

You may want to do some more reading here about "private lenders".I don't rain on parades for the fun of it, I'd rather have more constructive conversations, but you need to stay away from a mortgage broker running a pool, while they have a sales pitch for your money, you don't have the security you may think you do and most try to fly under the radar, that's because they are not compliant with federal laws.The broker who ran a pool here had a great spiel and swore he was up on everything, one of his investors had an investigation done, the guy couldn't cover the debts owing, went bankrupt, then the FBI moved in, hammered for everything from selling unregistered securities to mail fraud (he used the mail) and today be will be having his lunch in a federal prison dinning facility.

If you didn't take proper measures a judge if you go to court could say you had your "right of your own inquiry" to investigate and chose not to so you have to live with the consequences.The estoppel basically says that only what is written into the lease version you have is correct and there are no undisclosed documents written or verbal agreements to the contrary.If the tenant will not sign then you know there are undisclosed issues you need to address before you buy if at all.No legal advice given.     

I would first investigate the best way to defer my tax hit if there is one.  

@Wayne BrooksThanks Wayne.It's been two weeks on the offer and in that time I've found some other properties that I'm investigating their time on the market.