As an industrial real estate agent, I have clients do this regularly.

@Ryan LopezIf you're considering between these markets I would check out Cleveland, OH.It's a great opportunity for fix and flips and turnkey opportunities.

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Check out the Strategic Neighborhood Fund.The city is also currently getting ready for the NFL draft which will bring more eyes on Detroit.

Did you buy the paint for the painter who is doing side work from his regular gig... probably your employee now as far as the state is concerned. 

I learned the most when I got the answer incorrect and had to check why.

HELOCs especially. check with your local bank/ CU before exploring guys like Rocket.

I would self manage...in a way..I have a crew I use pretty regular for all the rehabs I do so I have people in place to help if I go the STR direction.

When it comes to the CA landlord laws, check out this link. 

Check with your local zoning about splitting your parcel to create a new address.