From there I'm planning to renovate distressed properties for buy and holds out of state for cash flow purposes because as @Mike D'Arrigo mentioned cash flow in CA leaves much to be desired.

Hi everyone,I'm in the process of refinancing a mortgage and would like to hear your opinions on these two options.For illustration purposes let's say the mortgage balance is $30k and I'm going to refinance it into either a LOC at 6.25% or a 15 yr note at 5.5%.

Use your own rating system as to the purpose of the investment and what the average time a house is on the market.

For liability purposes, all of my properties will be owed by a corporation that I'll be setting up.

I'll refinance out once the renovation is complete, and after the year (for tax purposes) I'll have either the option to sell the whole building, or hold it and rent both units.  

But the true purpose of his questions are to screen out certain types and if he throws out the baby with the bathwater once in a while so be it.

Anyway, HOA's can at random vote to restrict renting and thus grandfather in your lease which defeats the purpose if its a rental property.

Is this a single purpose entity?

We setup a company Facebook page for this purpose.

The unit that is your rental is treated for tax purposes as a completely separate property from your primary residence.