CA is brutal when it comes to taxes.I don't give tax or legal advice, but many people believe that holding the property in your name and having a good umbrella policy is a good solution.

I’m happy to be in a forum with fellow investors and people wanting to master real estate.  

I'm based in WI and there are several people from NY investing here, some successful and some not---the common thread I see from the ones that are not is that they relied on someone else for information instead of investigating, VERIFYING and doing their own due diligence. 

If the applicant comes from the pool of people that I or my tenants know, I use real estate as a way to give back as many of my tenants will not qualify credit wise or may even have a criminal background or would struggle for another reason if I were to just stick to the "background/credit check" criteria. 

The idea of restricting what you do with your own cash, just because it was a refi, is probably unconstitutional.I know a lot of people investing in Texas from both inside and outside Texas. 

Mentioning unique perks like 'Game Room,' 'Lake View,' or 'Pet-Friendly' can really draw people in.

However, a few things you could do: You could talk with them & learn more of their story to figure out why their credit score is low as well as the type of people they are.

I am that guy in the comments that calls these people out.

Try not to fall into the trap of believing those gurus or comapring yourself to people you hear on podcasts.

I have seen these circumstances; people die, go out and buy a car, lose their job, etc… Just my own two cents, I’m not an attorney, just play one on TV