I can now call myself a real estate investor
OK, I admit, I have lived in that house for the last 8 years but yesterday I signed a lease with a very nice family after only 1 day of advertising (I used Postlets.com and Craigslist - it worked!) I am lucky. MY SFR could easily be divided into two separate units without me actually having to do any work. The upstairs unit has been rented out for about 6 years now and last week I finally made the decision to move and now the downstairs unit is rented as well.
I have equity in the home, the rental income will cover mortgage, insurance, taxes AND my son's school tuition.
My next step is to finally get that first wholesale property under contract and start looking for another multi-family unit I can move into while renting out the remaining units.
BTW, I am looking in Santa Cruz - so if you know of anything let me know!