The cost to get a license is irrelevant compared to the earning potential.

Yes it is, but you have absolutely got to have trusted "boots on the ground." 

Vacant land prices are relatively inexpensive compared to existing building structures including ones that need to be renovated.As for the new rules coming in place, it just makes it that much harder to get financing from say... banks.  

I'm dying to close my first deal within 60 days so I can buy a gold chain like a gangster throwing money on the ground around the house to rub it in their faces!

Question - if they lie on their application, is that grounds to deny?

I thought leveraging with a mortgage would make the Cash on Cash percentage go up compared to paying full cash?

I like it long term compared to other western cities. 

I really like the arrowhead and running springs areas, but I'm not sure how much of a draw they'll have compared to big bear city, being right by the resorts.

Meanwhile you can use the remainder of your cash to finance multiple other deals.For a Hard Money loan you will only pay about $750 per month for each $100,000, so if you are not n the project for too long and the forced appreciation is decent, the extra carrying costs shouldn't be to bad compared to the overall deal.

You can find what reasonable rents are for the property and then compare it to the market's cap rate to figure out a good estimate.