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@Andrew Steffens super helpful reflections, thank you so much for taking the time to share, I appreciate it.

@Calvin PringlesThank you for a very helpful article!

We haven't decided if we want to use it as a long-term rental or flip it, so would appreciate any advice on that as well.We've been trying to read up on how to get started, but have a few questions we were hoping to get help with:1) What are the key things to look for in identifying a specific area to purchase in?

Often lists for your area are free, or if you pay for a subscription from a local provider it probably will have more helpful detail you will want.Have fun, but leave your credit cards and checkbooks at home so you won't be tempted. 

Could be a real opportunity! 

Do you have a bookkeeper or someone helping you prepare taxes or are you managing the finances all on your own? 

California does not recognize series LLCs.You also want to look at whether a pass-through entity helps your bottom line and your taxes.

Hope this helps!