Whether or not your "friend" should do business as herself or not would be a question for there accountant. 

I would rent and not have a personal loan on your own house should be that all of your monthly expenses  plus a million dollars are in your savings account. 

I've heard about a LOC a few different times that gives you 5x your liquid cash and/or assets.For example if someone had $100k in their savings account they would have $500k purchase power.Does anyone know anything about this loan program or have more details on it?

@Grace Perez We are in Skagit and use Legg & Watne for our taxes, but I don't believe he is a real estate specialists, but does just fine in our small real estate business and is a great accountant.

It doesn't take into account any financing.

Account Closed - There is a ton to learn! 

I’m from California, so do you think I should account for anything extra?

I will look for a real estate agent, mortgage broker, real estate attorney, accountant, handyman, and property manager.

Hey Account Closed's "...Investing With No And Low Money Down" and listened to Bigger Pockets podcast 197 and was really motivated and finally found this one- this is seller financed.

This take into account accumulated cash flow, final sale price and time value of money.