The primary objective with this strategy is to recover all (or most) of your cash investment to use on the next deal. 

. :-)I have a question about a rental property which used to be my primary home.

@John Newburg, whatever portion of your primary you elect to utilize "for business/tax purposes", be mindful that the same portion will be excluded from capital gains exemption, when selling your primary (afaik).Something to think about?

Examples: A guy with hotels who used business /personal credit cards for free flights, a guy doing private investing/hard money lending, and last month was a guy who told the story of a 12+ property deal spanning 2 states and 1 primary residence of the seller.  

.#1  Real estate is a long game , not quick and fast like the stock market (unless you are doing flipping or wholesaling)#2  Leverage - Did you buy your primary home in California?   

I am using a local community bank that I used for my primary residence.

The problem is that our primary residence is in my name and I don't make enough working part time as a nurse to cover our primary residence mortgage and do a second home mortgage on paper.

The only thing is my regular job as a nurse I don't make enough to cover the cost of our primary residence mortgage and the second home mortage on paper.

@Dawan Scott That is typically the primary issue with working with funds in my experience.

My primary use for this property is as a buy and hold property that I will use for a few years as a vacation home and will Airbnb it out when i'm not using it.