I would say keep an open mind and don't limit yourself to California. 

However be careful as there is a limit to the number of times a Lender can refile a foreclosure. 

Since you're only 16 with limited income and capital, traditional lending methods are out of the question to acquire property. 

@Allan Szlafrok There are actually limited detail o the house apart from the fact that it was built in 1910.

The answer depends on so many factors including but not limited to: age, risk tolerance, job type, job income, job stability, long-term goals, education, type of market you will invest in, current savings rate, cash reserves, etc, etc. 

@Son D.Yes, however the deduction may be limited. 

I guess the skies the limit.5.

And my need for a no doc would limit my pool of alternatives. 

If a property is owned by an LLC, and let’s say someone decides to sue for damages due to an injury on the property, they go after the insurance (important to have) and any assets under the LLC - Liability is limited to the business when you have this type of set up.

In some areas, particularly the West End, this proposal could limit the revitalization of the area by keeping tourism dollars away...IMHO.