Each state has it annual renewal fees for an entity which is all we pay on an ongoing basis, and there is no way around that. 

If you want 100/mo cash flow where a change in water heater or a roof fail can wipe out a year's income, especially if you need to go there because of something that you need to get your hands on, go OOS.

If you have a giant, old, wooden house you will need to budget for a lot of ongoing maintenance that will be painstaking to do yourself and expensive to pay for. 

The biggest problem you will face is the cost of a new roof, furnaces, sewer lines, painting, landscaping on and on going forward.I don't know about your area but where I live 10k between tenants is a drop in the bucket. 

I did see the Meetup in West Sac and do plan on going :) I'm hoping to invest in Sacramento, but if the numbers don't work out, I'm open to out of state, like Georgia or Arizona for buy and hold, and stick to Sacramento for flipping.

With tons of ongoing rehabs on the block this was a great pickup for my investor and will appreciate for years to come.

They have had their 203k experience impartially vetted or have completed a comprehensive education course on the 203k ... not to mention they have sufficient $$$ to afford the startup costs and ongoing expenses for the 203k, because there's not really any money upfront for the contractors (except in certain situations on the Limited 203k).

Be as detailed and specific as possible when mentioning your future plans, current operation/experience level, ongoing projects, etc.

You would have ongoing filing requirements with the State and would need to keep business records and documentation.

My process allows an enjoyable lifestyle, most years ZERO taxes, and an ongoing legacy for future descendants.