Also make sure the Fees of the HOA are inline with your comparable sales. 

There are probably just as many things that can go wrong in a renovation and comparably speaking as much financial risk when they do. 

HELOC is a good way to go because it can be really cheap money compared to what  people are paying hard money lenders.The timeline for getting a HELOC for me was 30-45 days.

I'm finding home sales super simple compared to my corporate sales job.

As long as the relocation meets the two requirements above.Increase in Family Size - A borrower may be eligible for another house with an FHA-insured mortgage if the borrower provides satisfactory evidence thatThe has had in increase in legal dependents and the property now fails to meet the family’s needs; andThe loan-to-value (LTV) ratio on the current principal residence is equal to or less than 75% or is paid down to that amount, determined by comparing the outstanding mortgage balance to a current residential appraisal.Vacating a jointly-owned Property - A borrower may be eligible for another FHA-insured mortgage if the borrower is vacating (with no intent to return such as divorce, legal separation, etc...) the principal residence which will remain occupied by the existing co-borrower.

Not knowing your holding period isn't a good sign --as it often also means not knowing your exit strategy and will likely spook any anyone trying to fund a deal.From an FHA standpoint, 3.5% compared to 20% for down payment may be good (less hit to the wallet) but also may be moot in terms of getting a deal to make sense for a noob investor in LA.

Real estate is not a widget, nor does it trade in a widget like market nor is it comparable to non-essential items, like a car or boat.

Vegas has a lot of inventory comparing to Fresno.

@kristal the 1% or 2% rule is the amount of rent you should charge your tenants compared to the amount you owe for the property.  

They then subtract what they determine the value (V) will be on comparable sales and assume the difference is their profit.