They are unlikely to be in good areas, so you won't get the expect ROI results.There are several lenders that will fund acquisition+rehab transactions based upon the After-Repaired-Value (ARV). 

I am trying to broaden my knowledge base in as many ways as possible. 

Living in California, you will lose your very low property tax base if you do a 1031. 

@Rhia MckissicMost states require a lease to identify the owner of a leased property, whether a person, trust, LLC, IRA, etc.Landlord = Lord of the Land = Owner per deedAgent = someone legally representing the ownerProperty Manager = Agent

This is the 2 units + 2 ADUs scenario.I am worried Scenario A might push future financing option into commercial real estate only, which will limit my cashout refi options and the future buyer pool.From a lending perspective, since a "Land Use Restriction" is required to be recorded on the Deed to limit rentals to be longer than 30 days, the property thus will not be considered a true "5 unit commercial property" and my worries in Scenario A will not come to pass, right?

There is no income no doc ground up construction financing available . 50% of land covering 100% of construction 

So, that shrewd bidder got it for the lower price.With regard to deposits, the deposit in my market is based on the price of the winning bid. 

This is partly due to low inventory and no additional land to build to keep up with demand.

Doing some research in 2-3 states and wondering what are the best areas in your state to look at properties for purchase that would encompass most of these:-Ability to get a few acres (don't need 100, but say 3-5)-Home that can come with land suitable for small hobby farm/homesteading type stuff (couple of horses, maybe small garden, etc.)

HI Shirley, I am based in Seattle WA.