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. 

I am studying for my exam now, and while I plan to do some traditional Agent work, the main focus is for investing in real estate.

@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. 

You have to study up and do a ton of your own research, otherwise your capital is going to disappear.

I guess the skies the limit.5.

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