Certain states and localities may still use the old NOL carryover rules, but most I've seen have switched over by now.

Need to self manage and its really not that hard, I even have out of state clients do it in our class B or better areas.

lender stated the entire property would need to be painted has anyone ever come across this on this type of loan? 

Several states, and many cities and counties have source of income, ie, sec 8, as a protected class.However the op still should screen his tenants and it sounds like he did not. 

This is neither decent nor legal in many states.

This could be dangerous ground if full disclosures were not made and state specific laws were not strictly adhered to.

If you're thinking about out of state investing Reno, NV area is a great market and close to CA and all the tax benefits, landlord friendly, and low property taxes.

Despite having obtained a permit from the HOA, it has been revealed that the proper procedure required obtaining a permit from the Florida State prior to seeking HOA approval. 

@Carlos PtriawanYeah, guess it also depends given that some states don't allow dual agency. 

If you are buying as an investment property, then the loan will clearly state that you CANNOT occupy the property and the terms and down payment are less favorable than an owner occupy loan.