I actually like Spam though.Health care is both very inexpensive and for higher end issues, non-existent. 

So in 3 years if you bought a $150,000 house, you would likely have accumulated $12,000 -$20,000 in equity on your $30,000 initial investment - not to mention your tenant paying down your mortgage, plus some really awesome tax advantages (3.3% depreciation, etc.), plus hopefully some cash flow!  

Cash invested: $65,000 Sale price: $97,000This property was a very early lesson learned in private mortgage financings for me.

Starting with small multifamily properties 2-4 units is a solid move, plus if one unit is vacant, the other can help cover the mortgage.

We want to detail the responsibilities, capital contributions, profit and lost sharing percentages, decision-making process, have dispute resolution methods, and exist strategies.

You have two options: attempt to gather these resources or collaborate with an existing team.

Usually you're going to have to invest some front-end money to survey it out and work with an engineer to figure out what's possible (generally the more lots the better) based on your existing access to infrastructure, the desirability of the area, zoning rules, etc. 

The rents pretty much never seem to cover the mortgage costs, even with low interest rates.

Every where you turn there are STRs going up on the market fully furnished because they couldn't pay the mortgage and bills with the rental income. 

Also, you will likely only be able to use the rent to offset the mortgage pmt debt on the rental property to $0 since you dont have any Sched E history yet.