Having experienced a flooded house several times over I would not have a buy and hold that actually floods.

This site is a fantastic resource for new and experienced investors to learn.

Few things that I have learned from experienced investors and partners is that you want to keep your active and passive income separate as well (in separate LLCs) so you can take full advantage of the tax benefits - that is in case you are also planing to do buy and sell or flips. 

Ok folks,This seems like a no brainer to me, but I'm not too proud to run it past people more experienced to make sure I'm thinking propertly.

How experienced in your PM?

Here's a quick run down...My father purchased a ranch property back in the last boom.Purchased for about 1.5 Million.It's a horse property and one of the borders had an issue with us and to get back at us sent out Building and Safety.We come to find out that the property was purchased with the idea that all 2000 + Sq ft of residence was legal, we come to find out only 900 + Sq ft is legal, not even the pool is legal.They want us to bring everything up to code and draw up new plans reflecting such.Our realtor says we have a great case and can sue the previous owner, what can happen in this case has anyone ever experienced something like this?

I have zero experience with real estate investing or being a landlord, so I'm hoping to find similar minded/experienced people in my area to help fill my knowledge gaps.

I understand the difference between the both of them.While I am not the most experienced in the world, I do have some experience. 

Consider teaming up with an experienced investor for your first few projects to help you get some solid experience.

Once the published data catches-up it will be interesting to see if we are experiencing an uncharacteristic spike arising from the temporary relaxation of lending practices a decade ago.