You're in a terrific place to network & learn to earn!  

Assume hard money rate 12% and 70% of purchase price + 100% rehab cost, and I am able to get the other 30%.Now the risk is: monthly interest of the hard money + property tax > 6K, which exceeds my monthly earned after tax income, and I will have depleted all the saved cash for this project.

Similarly, if you go to college or uni and get business, marketing, finance or similar skills that will help you earn at a good job, and then use your knowledge on your own account.

Peak oil is such a Y2K thing.Yes people will always need a place to live, but does it have to be in a place where the temperature and humidity both hit 100 for months and the water has already been used by every other big city in the state?

They "might" be generous in their estimation to try and earn your business (regardless if this is right or not).You can also network with other investors here on BP that invest in that particular area and get some opinions as well.

I'd imagine there would be a challenge of the owner decided to stay for 3 months in the property during the peak season.

Just to supplement their commission earnings for slow months or something like that.

Definitely  a higher earning base and appreciation potential. 

*Selling your home and then renting is a serious step and make sure you take into account all of the closing costs, possible seller concessions, and realtor commissions when factoring how much profit you would stand to earn in such a transaction.

- are we at the peak and smart money has gone farther east?