Some limit rentals to 1% of the homes, so if you are lucky to get in now and there's a waiting list, you might not be lucky to rent the next time if there is list. 

We were recently networking and someone told us about buying homes from auctions.

Georgia Amendment 1, which authorizes the General Assembly to implement a statewide homestead property tax exemption, has far-reaching implications for both current homeowners and the broader real estate market.Short-Term Positive Impacts for HomeownersThe primary benefit of Amendment 1 is the cap it places on the annual increase in a home’s assessed value, limiting it to the statewide inflation rate.

I own a primary home in CA and looking to buy an investment property home.

In the end, it cancels out any benefit.Loss of Key Homeowner BenefitsIf you sell your home to an LLC or S-Corp, you’ll lose:$250k/$500k capital gains exclusion on selling a primary residence.Homestead exemption on property taxes.Owner-occupied insurance rates, which are cheaper than rental insurance.Substance Over FormIn tax law, the IRS looks at the substance of a transaction, not just the form.

-----------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

This allows you to participate from the comfort of your own home while still networking and learning.

However, prices on $1M homes haven't really appreciated all that much and we are looking to move to something much smaller near where our kids go to school. 

Typically seasoning means that the funds have been in a bank account for a set amount of time (usually 60 days), so ANY lender should love that....I thought maybe you meant un-seasoned funds?

Typically, most cities allow for 30 day minimum rentals.