But we don't know if this is on a rental or your primary (though I'm guessing your primary), or the value of the house, or your equity position, or the LTV the bank normally loans at, so it's hard to comment about that.  

If so, title should be fine as it is basically a normal purchase.

Also given that it would be a brand new property, we would assume we wouldn't calculate for normal maintenance, and capex for awhile. 

Frankly, I see everyone who owns a rental in California just gambling with their future.

Flip income is considered short term capital gain which is taxed at your normal tax rate.

You can pick these properties up before the actual auction directly from the owners.If you get to the actual "Auction," normally Court House Steps, then you best be very prepared. 

I had 11 of these and good systems in place but still had 1-2 evictions a year and 3-4 big things that were normal annoyances like plumbing leaks, damages from hurricanes, or some vandalism.

@Toye AdeyemoMy contract explicitly defines normal closing costs as section 1100 of the HUD form.

@Rob NewsomInvesting in a state with an income tax may require you to file a non-resident state tax return with that state.States normally try to avoid double state taxation by providing a credit for taxes paid to other states.I would say - look to invest where the numbers make sense based on your critera even if that means looking in a state with an income tax.There are 7 states without an income tax - with your logic, you are missing out on investing in 85% of the united states.

After all this is a business.2) Make sure that vacation rentals are something normal in the community where you are buying or at least your property is far enough from other properties in the area and your tenants won't bother your neighbors.