As a local investor in San Diego myself who used to invest in the Midwest...the low prices can be very enticing but make sure you really know the market first and what you are getting into before pulling the trigger...when you are out of state you are at a disadvantage as properties can differ quite heavily from block to block. 

New investor here and I’m looking to pull the trigger on a flip however I’m having a hard time picking the right amount to spend on a purchase and rehab because I don’t have an idea of what a full gut should cost. 

Lol on the "loophole" trigger 

With that type of experience, I might target a fix/flip or HML that has experience triggers keeping your costs low and maybe even something like deferred interest payments or bundled fees.

Sounds like you are trying to do a Lease with Option to Purchase.This requires 3 separate documents:1) Lease2) Option Contract3) Purchase contract triggered when tenant enacts Option Contract.National statistics show that around 65% of Lease-Options fail.

That may trigger the property manager to reach out and negotiate a settlement because they don't want the state digging into their books.

I am 100% positive that Fresno and/or Fresno County has some great deals out there....you just have to pull the trigger!

There is a special way to report it to get the deduction while not triggering a computerized notice from the IRS disallowing the deduction.

Hello all, I am currently interested in finally pulling the trigger and getting into my first property towards my RE portfolio.

If not, you could take title as an individual and later transfer to an LLC (you might trigger some due on sale and/or transfer tax, so get legal representation on that).If LLC is not possible, I've used Revocable Living Trusts many times.