Thanks for your replies!!

I feel like this is a pretty rude reply.

Hi bp I've been flipping homes here in Northern California and see market is self correcting/winter coming. so have been looking over the forum finding great stuff but wanted to reach out and see where people have rentals at and what they recommend buying?

I appreciate the reply - thank you.

@Jose Chavez, @Carter Crowley is correct in saying you have to live in the property for 1 year after purchase.

@Victor N. is partially correct.

> I believe that when the property changes hands, that the 'cost basis' changes to its current market value; do I understand this correctly? 

You also have the right to ask for a second insurance adjuster to inspect the property if you feel that the first one did not perform his duties correctly. 

There is no doubt that investors with a light debt load will prevail in the upcoming correction.

Thanks again for the reply