California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

There may be restrictions on what you can use a security deposit for.

@Lux BaiGet into Fix n Flip business, buy cheap repair and then sell, no restriction on buying cheap properties with the type of money you have.

Also be careful about HOA restrictions.

I first thought a SDIRA was the correct choice, but the more I read about them, the more restrictive they seem. 

Looking for a reliable handyman or general contractor to help with a rental in the Cleveland Heights area.

You are restricted to pulling out a max of the purchase price plus closing costs prior to 6 months.

Patrick, Do you have rental restriction on your property?

I'm considering Barrio Viejo, Rincon Heights area, Doolen-Fruitvale, and Drexel Heights to name a few.

I' would prefer to stay in B areas, if possible.2) The areas I've been researching the most are Cleveland Heights, South Euclid, Lakewood and Parma.