Start with something either turnkey or light value-add, so you can start forming your boots on the ground team with less pressure and risk.

As rents in some areas drop and vacancy rates rise there will be more downward pressure on the CPI for the fed to lower rates.  

Bro, if you just add a 4 story addition and rent half of it as an air BNB and the other as a LTR you'll be able to cash flow for surePurchase price: 120kRehab: $500ARV: $7.4M

If it has no central air/heat I assume you’d probably get an extra $1,000 or $2,000 in value?

Air Bnb the other side while you and your friend live in one side so you live free, and after a year you can make both sides medium term rentals and buy something else. 

So, keep in mind what a good tenant expects in your area.For example, if you have an existing GAS furnace and central air conditioning already a simple replacement of the gas furnace gets people what is likely to be an economical heat source while also providing a/c which many rentals don't have.

Unless a guest smokes regularly or heavily, our ventilation and air filtration is such that our cleaners have not yet alerted us to undeniable smoking, etc.Would love to hear what others use and their experiences with Minut as well (since in part, I went with Minut based on what I read here about the other alternative- NoiseAware).

I have to replace an egress staircase from the second floor which was originally made from pressure treated wood.

I have not found one opportunity yet that gives me an ARV of 75%.Any professional investor will tell you that if you go over that the amount of work that you have to put doesn't worth the return.My latest was found in the MLS where we got a better deal than what I was getting from wholesalers.Let me clarify that the wholesaler business is needed, but it seems at the lack of deals they are putting the pressure to then investors. 

If I was in your position I would look to air bnb or VRBO the property you purchase in San Diego this way you will have less negative cash flow than if you were to rent it out to a long term tenant.