My situation:* bought a SFH for $250k as my primary in Portland, OR in 2002* moved to LA in 2006 and turned it into a rental (the home is still in my name, not an LLC)* been renting in LA since my move* want to purchase a primary residenceThe plan:* refi my rental (I'm on an adjustable @ 5% right now)* cash out $150k @ 4% for 30 years (home is worth $550 now)* use part or all of the $150k for a down payment on a primary residence in CA or NV* secure a 30 year fixed rate mortgage on the new home* get back into a home of my ownAny issues with using a cash-out refi on an investment property for a down payment on a primary residence?

The issue is I cannot get a traditional loan due to the amount of rehab It will need to make it live able , and I don’t want a rehab lain because I want to do the bulk of the work myself .purchase price the seller has agreed on is 65k and my estimate it needs roughly 35k in Reno.

I had always wanted a small multifamily but there weren't many in my price range when I was looking in LA in 2009.

In LA in the multifamily in iffy areas seems lots coming online but at high valuations.

My Dad ran into one in LA in the late 70s  same thing.. promise the moon get up front money and never fund..  

It might be an easier place to cut your teeth than SD, OC or LA (in terms of initial outlay) or out of state (in terms of access).

Good Luck with your hunt and let me know if you have any questions about those areas or LA in general.

I would like to connect with long distance investors here on Bigger Pockets, potentially some in NYC area for now and in LA in the future so I can gain some knowledge and learn from their experience.  

Return to LA in January, find a day job, start a small LLC and start purchasing residential properties.(5.)

So, say you stay in LA in the winter, then go to Ohio to flip in the summer, or something like that.