I owe this all to the BP community for providing me a forum to educate myself and network with other like minded individuals. 

I guess it is just a matter of finding what fits one's individual investment strategy, and what kind of cash flow is acceptable.

They tried a pilot program and decided not to enter the market.

I know it probably varies depending on the street and the individual house too but as a newbie without a lot of experience what would be some good numbers to quickly run the numbers on properties as I browse through the MLS?

@Dan Barli Hi Dan, I am looking to buy and hold these properties for rentals and figured it might be a better idea for me to buy a package rather than individually acquire the properties.

@Joe Threats You're assuming a lot of risk by going with a HML...and you're going to get killed on points/interest...my personal opinion is that it doesn't make sense unless you are entering a huge equity position from get go...risk may bring reward.

It's a great way to connect with other like-minded individuals and learn. 

Can anyone here recommend a reputable tax services company (or good individual) who is located in SoCal who has experience or is specialized with doing taxes involving out of state real estate investments?

It may not be as glamorous, but it has opportunities that many people miss.If you let me know what you are looking for I can set up a search in ARMLS that will automatically email you listings that meet your criteria, and any updates like price reductions, as soon as they are entered into the MLS.

There may be little use for one if you are not partnering with individuals other than your spouse.