luxury cabin, 3100', 4/3/1, nice finishes including spa and sauna, in high fire risk area with total property value ~$500k with CA FAIR was just over $5K fire only. 

Highly recommend starting close to you so you can get eyes on the property if you do decide to purchase a true rental. 

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

At the end of the day, losing $10k is really not a lot in the grand scheme of real estate investing, and given the seeming high volatility of this market ($275k to $220k, presumably in a matter of months), and the generally high monthly cost of HML, I would get out quickly and think of the loss as the cost of education.At least in my area (Cincinnati, OH) I don't see the market dramatically improving even as we get into the spring buying season, and, honestly, I only see mortgage rates continuing to climb for the foreseeable future, taking more and more buyers out of the market.

Back when I started selling foreclosures, the REO (real estate owned) inventory was crazy high.

As long as you follow the two-year holding rule and structure the deal properly, you should be able to move forward, but I’d highly recommend working with a tax pro to ensure compliance.Disclaimer: I’m a licensed real estate broker associate in Florida, not a CPA or tax attorney.

@Agnes Shin I would be careful of this as i know when i was using go high level i forgot to add my opt out into the first message.

prices are high, interest rates are high, there is tremendous demand for inventory, and - one thing that doesn't get mentioned enough - a record number of properties are debt free. 

This deal looks really solid to me, but I have only been looking at rental properties as high as $600,000 in discussion with my lender.

Miami FL mostly for this strategy since rents are so high and land is so high we have 2 infill I'd love to know if you've done this