As well, I would love to hear from any supporting groups, i.e. lenders, lawyers, CPAs, agents, brokers, etc. and any input they might have about this community.Thanks, and again can't wait to see the different ports of entry this ship takes me.

While this won't effect me directly, I can see negative impacts in more densely populated areas.

I'm thinking here about the possible eviction (worst case) and the possible effect on my annual return.

Nor will any of their licenses apply in CA.Licensing is something you should discuss with a good lending lawyer in that state.

It seems like once you get the lawyers involved the cost goes wayyyyy up. 

Having a lawyer draw up your agreement, as @Dennis Maynard said, will be well worth the money.

The value of the property has a direct effect on the amount of leverage that can be geared for that property to ensure a particular rate of return for investors. 

The net effect will be, you will get to deduct 1/2 of self employment tax and full health insurance expenses.

What I will gain from you: I am looking to complete my team, so I hope to make contacts, especially a lawyer, property managers, and contractors.

After inspections I was able to get a $3000 repair concession effectively paying my $200k initial offer!