Asset protection becomes a major concern if you own a bunch of free and clear properties here.You sound like you've recently dealt with some estate matters, but the question of your heirs and their ownership interest in any of your assets come to mind as a concern. 

We have made some major improvements to the unit we live in and plan to move out in a year or 2 and BRRRR it.

No major cities close to you.   

Financial troubles are a major cause of divorce. 

I'd certainly have major regrets if I failed to capitalize on a large investment versus a small one for my first deal.

Thrya,Congrats, let me know if you need any assistance for the accounting aspect.First, put each property in its own LLC and open a bank account for each LLC.You do not need to create an LLC for Property Management, you can, but it's not necessary.You need to make sure you have the proper Chart of Accounts such as Assets, Liability, CapEx, OpEx, G&A Exp, and Equity.Chances are you will be putting the majority of the expenses under CapEx since you're renovating, once it becomes rental, the expenses will be OpEx.

Most of the big boys will loan in the majority of the lower 48 to anyone living in the lower 48.

Our house in California has a loan on it for $220k but is worth about $600k and since we are still owner occupying it we are thinking of pulling out a HELOC on it so that we can use the money to purchase a couple for rental properties once we get back to Indiana or just have it available for any major future problems.

@Rich Somers - I agree with @Patrick Liska.Additionally, since you're going to be there for the inspection, you have the opportunity to pull in an electrician (or HVAC) IF the inspector finds major issues.

I'm trying to figure what the path to profit in paying 83% of ARV for a property that needed major repairs was supposed to be.