@John Barrett I appreciate your perspective, it is interesting to balance out the risks associated with doing a deal with poorer margins in a known area vs healthier margins halfway across the country.

Best to work just outside of Nevada City/Grass Valley though from a permit cost and restriction perspective.

From a legal perspective, it will be hard for your siblings to have a leg to stand on.

Would there be any issues from a compliance perspective doing this? 

Certainly puts things in perspective. 

I am ok living without paychecks for couple months as long as I can learn and experience the real estate industry (especially from investing perspective).

Purely from a cash on cash return perspective, for a small town in CA with above-average growth historically and some good market indicators for future growth, is this a good deal or a bad one?

I really like that perspective.  

@Chris WycheThanks for the perspective.

@Russell BrazilAlthough I understand the perspective, I think real estate agents consistently trashing zillow crosses over into (at times) conflict of interest territory.