I believe you are wanting to enter RE investing at a time more challenging than recent time.  

I do not think this is a one size fits all answer and there are times where private lending is preferred over traditional financing.

Presumably my gain will be much (less) on the second sell transaction in CA.Are there any regulations on how long I must hold my 'new' CA property before selling it (and going out of state) to avoid CA taxes on first transaction? 

First post here and I am completely new to real estate investing.I live in Connecticut and I have settled on wanting my first investment to be in Connecticut.

Leveraging an owner occupied loan locally most of the time will take far less cash. 

If you are self employed you can also look at bank statement loans assuming you have a business with high deposits.

Id like to build a bigger portfolio but this would be my first non LP deal where I'm doing all the work myself so I thought id start between beginner mode and intermediate. 

Monthly income must equal 3 times the rent.   

It's time to scale back and stay low key. 

This is my first auction purchase, so any insights or advice from those familiar with this process would be appreciated.