If you are planning to invest out of state and stay living in CA, my above FHA numbers aren't correct and you are going to need to put down at least 20-25%, which will certainly affect how much you can afford to buy.

So here's the thing: since I'll be managing, I'm probably going to need some sort of beater/$3000 truck/wagon/van, since my BMW sedan is probably not going to be able to carry much stuff.

Note - if you end up landing a contract with an oil company for this, you're going to need to buy the DJI Matrice and fit it with a flir camera.

You are going to need a good solid system, as it does get cold, down to the 30s some nights in NE FLorida.

I would ask that the tone of these discussions remains civil and points/arguments organized.

You're looking at buying a property that is going to need rehabbed, correct?

If you are doing single homes and duplexes your going to need to purchase in your own name to get residential financing.

You're going to need to start with what the buyers budget is then choose areas where you can at that budget.

Imran you should absolutely add an attorney and CPA to your team, especially if you are going to need a contract to do a joing project like the one you're describing. 

There's still good deals to ne found out there.