However, Caliber Home loans is national.

As a young foreign national who wants to start investing in the US I started working out a step by step investment plan.

Note without including appreciation So Cal has been a poor RE investment but due to appreciation it has been the best REI in the nation (along with San Fran).The point being cash flow is only part of what determines a good REI investment.  

Let me explain it the way my mentor did, who is one of the nation's leading financial minds.  

In Massachusetts there is a 20% credit for all QRE ( Qualified Rehab Expenses)  and 20% available through a second application on the federal level with the National Park Service.   

My question is, how would an independent agency compete with all the big, national agencies that are dominating our local areas?

@Robert Sims, Fidelity National Title has an office right there near your property.

Federal law trumps state laws I'm pretty sure.Readers need to be aware of attempting to apply some state law outside that state, this is a national and international site. 

I am a rehabber/flipper/landlord in KC and also run a national Co-op for real estate investors called Community Buying Group.  

Our nation's debt is the main reason why state and federal funding for colleges/universities has been cut significantly.