I have met a few folks doing STRs out that way and they are doing pretty well.

You can rent that out as well on months your not there and ultimately refinance down the road to pull cash out and transition into a full time LTR or short term rental VRBO to make more money.

The only permits required are for septic, general build, well and electric - and of those, only septic and electric are inspected.

Thanks Kelly,Great to meet you as well!

@Robert Sorrels well, congrats on buying your first home.  

If I have had a notary sign the Quit Claim Deed as well as my grandfather, is it a problem that I have not filed it yet or can I do that some time in the future?

It does take a couple days to get the money however I have smaller more immediate reserves available as well. 

My goal is to find a property that rents well and offers decent appreciation.I've narrowed my search to the following Sacramento area neighborhoods: Citrus Heights, Carmichael, Fair Oaks, Orangevale, and Roseville.

Quote from @Jacob Sherman: won't be able to occupy the property if its for business purpose . would have to get more of a private lender or have the seller finance 80% and you provide them 20% down  Well, hmm. 

As much as 70% of the deals wholesalers bring to title, don't close, so you could very well loose your earnest money, as well as any expenses you put out for inspection, option money, contractor bids, survey, etc.