I forgot about some of those factors you reminded me of and I will let other folks chim in but it sounds like way more hassle than its worth.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $230,000

Cash invested: $55,000

Sale price: $230,000

Townhome

Make sure you talk to a lawyer and don't take advice from some yahoo on the internet ;)Obviously the answer is always "it depends," but here are a few factors to consider:Is this a disregarded entity (or put a different way, is this a single-party LLC, i.e., just you or you and your spouse)?

In that price range you can also run into issues with "style" as buyers start to develop expectations.On to the next one!

Best bet would be to buy below market value of the dirt and flip to a developer to build homes or commercial building.

yes, LA will have a higher appreciation, make sure to factor the appreciation rate against your loss of cash flow in LA vs your rent rate in LA and appreciation and cash flow in Fresno.  

Is it too early in the development stages to invest?

What factors are there to consider when analyzing a market in terms of what states are hot to buy in and which states aren't at a given time?

However, I'm also very self-aware and borderline obsessed with personal development.

Some turn out be very good developers.