Does this apply across the board in all states or do some states not honor this rule?

Then you need to decide on the area that you want to invest in.2) You should then connect with a real estate agent based on the areas to you decided to invest in.3) you should also simultaneously connect with a lender to see how much you can qualify to borrow.Feel free to connect with a CPA when you get close to closing. 

http://bocarealestateclub.com/ Andrew, ...I have "no skin in the game" with B.R.I.C, ...but if I was new to South Florida, ...B.R.I.C. would be a very smart place to learn about the South Florida real estate investment market.And too meet some very nice-helpful folks too! 

Better question is how she's going to qualify for the loan with no income.

Should I show a profit on the farm, pay the taxes and be able to qualify for more loans or go with a HML?

All of these things can make a difference what the seller is disclosing and what they are warranting or saying they knew about.I agree that flying there is not going to make you immediately an expert on the subject especially the cost from so far away with hotel room and board,flight cost, meals,etc.Spend that money on the attorney who specializes in litigation.

Then put my skin in the game by finding the property. 

When opening a boarding home, the city requires you to attain a permit.

I would then sell off one of my properties and hopefully purchase another duplex for about 100k fixed up as well.My issue is last year I paid almost no taxes due to buying and fixing houses and putting income in retirement accounts so I don’t qualify for a mortgage this year.I want to learn how to refinance and cash out and take loans against my rentals to invest in investment mortgages and see if I can’t do a better job with about 1 million to work with.

@Tookie Nemchak, unless I'm missing something, even if your Lender did agree to a "cash out" after only 4 months, I'm not convinced you've achieved enough additional equity to qualify to get enough to cover you for your deposit for a property that's costing 70% more than your first one.