@Anthony Bratina I read the responses above and just wanted to provide some clarification in case it was helpful.The actual term "second home" means something specific in lending.  

I'd still be gaining $16,000 in equity a year which brings that return level down to ~9% on the equity...but conversely paying $6k/year to gain $16,000 in equity does seem like a pretty solid deal.

Can you tell us more about your direct mail campaign I have heard so many conflicting opinions on direct response marketing?   

I’ll do some more digging on the project’s current status, but your response gives me some reassurance

Here are responses to your questions:Q1: Do I need a license to rent out and manage my house as rental property in Los Angeles County?

Many tenants have so infrequently received their deposits back they consider it a fee so have no incentive to sweep before sliding a heavy piece of furniture or stop sliding if they hear a scratching noise, etc.  

I'd take 2 to 4 solid properties in CA or Vegas over that anyday.

Looking for some different perspectives on how to make a solid first move in real estate investing. 

Ask questions, get to know the renters, and document the condition of each rental so you have a record from that point forward and can hold tenants responsible for damages.Your offer to purchase should include a requirement that the Seller provide all documentation and agree to sign an estoppel certificate (also called an estoppel form or agreement).

Ft)Heavy Cosmetic($55-$65 x Sq.