I am unable to make the math work for properties in CA at this point.2) Once cities are shortlisted, how do I find the right properties?

While analyzing deals, primarily do the math as if you were paying fair market value for the unit you'll be occupying. 

So worst case scenario math is 55K in equity upon repair completion. 

So I always urge people to start with the end in mind and take a more passive approach.Do the math here… you with 300 dollars per property (2 months of work to buy a turnkey rental) you are going to need 20-40 of these to replace your income.

Either way, this is something that should be talked about with the GC and if he isn't smart enough to know his own value and do the math, that is on him, but if I were you, I would feel like I was taking advantage of him

Let's do some simple math.

I was trying to make the math easy.

I'll also have to hire a property management company to rent the place out for me and manage it going forward (so, 10% there).Here's the math I'm looking at:Current annual gross rents: $16,800Projected annual gross rent: $21,600Management fees (10%): $2,160Net: $19,440 = $2,640 increased annual revenueIf I am spending $15k, it'll take me ~6 years to make that income back up.

I figured – I love real estate and construction and I am good at math and management so why not use my skills to build up passive income rather than working till I’m 60.But personally I spend the bulk of my time putting together the financing with local individuals looking to make a better return on their money than the stock market can give and to partner with on some large properties, So, of course I gotta ask, you don’t know anyone looking to diversify into real estate, do you?

So my math says that you are putting $40k in this deal to make $190 per month?