Now to the bad news: it is REALLY hard to be a 20yo real estate agent and make a living wage, let alone generate cash for a down payment.

If you care just about positive cash flow (and you don't care about population growth, macroeconomics, or appreciation), definitely go with Cleveland.

Purchase price: $4,100,000 Cash invested: $2,000,000 79 unit value add apartment complex with roughly 800k in cap ex completed What made you interested in investing in this type of deal?

Another question would be, if he subdivided the land using SB-9 and built a duplex or another single family on the new lot, is financing, cash out refi, etc the same as if you built on an empty lot?

I like targeting outside of where I would live for SF and small MF (1-4 units) because of the lower entry price, usually higher cash flow since your rental income is higher relative to your debt service, and your appreciation potential is high if you can read the writing on the wall.

Purchase price: $80,000 Cash invested: $80,000 This is a reno- adding a 1 bedroom unit to a three family home.

If your rent ends up being comparable to your current mortgage, it might not give you the cash flow flexibility you’re hoping for.

. $300sqft to build at least.If you have any sort of mortgage on the property you will need an attorney to handle the mountain of paperwork the bank will give you for a lien release. 10k+, also probably some nightmare terms to have to build and sell immediately and god knows what.At this point a year has passed and you have spent at least $60,000 cash, you're about to break ground on a structure that will cost you at the very least $400,000 to build, you are still 1 year away from cashing out because you have to now build a house.

My underwriting would have this large negative cash flow for 7 years.I would do a thorough underwriting but want to show using quick math the issue so I will use the 50% rule.  

Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.Here's a guide that teaches you how to analyze a property.https://www.biggerpockets.com/blog/rental-property-cash-flow...Finding deal that cash flow is the easy part.