He also has said they would like to stay in the house if someone wants to buy it and rent it out to them.

Stay engaged on here and you will find many open doors. 

If the personal decision suggests staying, you can do the same on your existing home...refinance or get a HELOC on purchase a rental.In many cases, your existing personal residence does not make as good of a rental investment as many other properties would and limiting your potential investments to one property (i.e. your existing residence) is, well, very limiting.Good questions and nice work on kicking these items around.  

So to answer the question should you buy a personal residence in LA...if you are staying...historically that is a 100% YES.  

I am currently a stay at home mom, working my accounting business from home as well.  

Welcome to BiggerPockets, @Nadine Delille.Have you read The Ultimate Beginner's Guide to Wholesaling yet?

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Hey everyone, I am a mommy to 4 (5, 2, 6wks, & 6wks) I have been looking into flipping houses for a few years now (I know I'm super slow but it's scary) I had bought my 1st house when I was 19 and it was the pits I spent made it liveable and then we stayed there for 5 years until we decided to sell I spent about 8 months completely redoing everything while living in it with 2 little boys.