I really like the arrowhead and running springs areas, but I'm not sure how much of a draw they'll have compared to big bear city, being right by the resorts.

@Michael Dorr, congratulations you're on a path to the holy grail of REI - A combination of tax free - tax deferred income and growth.I agree with @Tim Swierczek I don't think the lender requirements are that you live in the house for 2 out the 5 years prior to sale. 

Meanwhile you can use the remainder of your cash to finance multiple other deals.For a Hard Money loan you will only pay about $750 per month for each $100,000, so if you are not n the project for too long and the forced appreciation is decent, the extra carrying costs shouldn't be to bad compared to the overall deal.

A sentence explaining that no work can begin prior to the signing of the contract and the owner receiving a copy of the contract.An arbitration clause for settling disputes, signed by all parties, in 10 point type or larger;"The contractor and the homeowner hereby mutually agree in advance that in the event that the contractor has a dispute concerning this contract, the contractor may submit such dispute to a private arbitration service which has been approved by the Office of Consumer Affairs and Business Regulation and the consumer shall be required to submit to such arbitration.

I had the necessary contractors walk the house with me prior to closing and had everything lined up ready to go with contracts and timelines at the time of closing.

You can find what reasonable rents are for the property and then compare it to the market's cap rate to figure out a good estimate. 

I am happy with it but any opinion I have should be discredited somewhat simply because I have never used competing software platforms (Buildium, Appfolio, TenantCloud, Yardi, etc) so I really don't have much to compare it to. 

Once person applied prior to seeing it, one thursday, and one friday.   

If the current tenant is underpaying rent below market value, we will send out a notification 60 days prior to the termination of the existing lease informing them that rent will be increased.

3rd home don't have much room to cash out compare to expense which will occurred to do this refinance.