Would it be beneficial for us to start the business before we start our first rehab project... to protect our personal liability, or should we wait?

There is no "time limit" as to ownership of the Lancaster Condominium Units.

Based on what you're saying you're limitations are, I don't know how much trust I would put in the internet......I like the idea of being able to put a thumb on someone responsible for positive results.

The trick of course would be how to keep him from having an equal claim on the property (as we're sure the person with the cash would want), or liability for the mortgage (as he would want), but still help make the deal happen.

over 10 years, they accumulate rentals, maybe they sell 1/2 of them off, use the profits to pay off the other half, thus reducing liabilities, or maybe they invest in more.

If you have a REALTOR you used to purchase-ask them for a handyman that would do repairs for you that is honest & good, and contract your own repairs out-also BY LAW-AND THE CONTRACT-they can only do repairs above the limitation if it is an emergency, such as to damage the property or if it is a necessity to the tenants-ie; water/plumbing, a/c & heating, things like that-Maintenance is not a neccesity-I would threaten to do a dateline investigation on them-I think all PM's deserve it-and that might work too!

3. once you are high bidder on a property is there a certain time limit that you have to have the loan approved for or do you have to be approved before you go ?

That's what I get for typing faster than I'm thinking.A 1031 exchange defers taxes to a later date (which is good), but the 2 of 5 personal residence exemption eliminates the liability forever (which is better).

In my limited research I have found that investing outside of California is one of the few ways to find properties that are positive in cash flow.

Rich Dad doesn't give much practical advice as much as it changes the way you look at investments, income, assets, liabilities, "glitter", and most important of all building your team.