Small repairs, correcting code violation issues with the city and working with the current tenant to get on time payment.

MF 1 MF 2but as noted again above just go to a smaller jurisdiction get on line with their planning department and start reading the code.  

$5,500 is probably two years of your cash flow. i will second and third the gravel recommendations. had a 10 ton gravel dump truck show up for $500 before, so unless that's against the city code, i'd go that route instead.  

Also ask them if you would be allowed to build driveways out to that resort road.Lastly you will also want to check building codes to see if boat storage or any of your other ideas would even be allowed.The other thought I would consider if this is a resort area is Airbnb the log cabin.

Can you list the states which are very strict? 

The DSCR loan may the be easier of the 2 given you are strictly looking at investment properties as opposed to a property to live in.

When you speak to them over the phone during your prescreen, you can mention that LA city code has a limit of 2 people per bedroom per unit.

These are professionals with additional training and a stricter code of ethics.

I also want to start investing, and from what I've been learning from the podcast, books, and other sources, I believe the route I'd like to start in is wholesaling.The QuestionIs there any rule in the REALTOR® Association Code of Ethics and Standards of Practice that would prevent a REALTOR® from participating in/conducting wholesale deals?

Some can be very strict and restrictive regarding renters and parking.