I'm conducting market research at this time, but will almost certainly be investing outside of California. 

As to my goal... for this purchase I'm looking to find a home that I can move my family into (not trashed), conduct moderate upgrades, which will cash flow ~$200/month (after we move out), and have a Cash-on-Cash return ~10% or greater.Jason, any advice which it peculiar to purchasing homes/finding reasonable deals in your area?

Lately I have been conducting a lot of research about wholesaling on various websites.

@Terry Z. if an appraisal is conducted , this report is what will determine the amount the lender will be able to lend.

It involves extensive training in all areas of accounting, including taxes, passing complex exams, accumulating some experience working under another CPA's supervision, continuing education requirements and code of professional conduct.

If you're worried about a lawsuit, someone can always file a frivolous suit, so you accept that risk by conducting any business. 

At sheriff sale in PA, junior lien positions only have an exemption on transfer taxes for partial value - they are exempt for the part that they financed but must pay transfer tax for the value of the part that was financed by senior liens.The diversion to discuss transfer taxes arose because an earlier reply post on this thread mentioned being a note holder and concern about other potential expenses, hence I mentioned transfer taxes because lots of note buyers are in junior position.It’s not an “impound tax” - it’s known as “poundage” in PA, basically a commission paid to the sheriff when a property sells to a bidder for an amount above sheriff’s costs to conduct the sale.

We had a hiccup during financing; in short neither I nor the lender were aware that it’s a condotel until after we started loan application and conducting condo questionnaire .

I am finding there are tons of tools, technology and resources that make not only finding good deals possible, but conducting due diligence, buying and managing remote properties very possible.

I was only speaking to the tax implications of conducting things as a business (max deductions) versus personal (few if any deductions).