Some wrong info here...Good explanation here https://www.kitces.com/blog/limits-to-converting-rental-property-into-a-primary-residence-to-plan-for-irc-section-121-capital-gains-exclusion/

Been reading numerous personal finance books and lurking BP for a few months now, but the savings are finally shaping up, so I've decided to take it more seriously :) I'm a recent college grad from the bay area who's been in industry for about 1-2 years now and I'm really interested in setting up a positive, reliable cashflow for myself to reach financial independence.

I fear that if I do not use it from the start I will not be able to use it anymore2) Are there good explanations and examples on how to do it properly?

@Nick B.Thank you for explanation Nick

There are numerous ways an owner can carry financing. 

I've read hundreds of these and often have to call the agent for an explanation to ensure we're protected. 

There are numerous other reasons, but that is the main one.

There are three costs you must be very familiar with LandSoft (carrying costs, entitlements, impact fees, association if applicable, maintenance, etc)Hard (home construction as well as site construction)Have done numerous MF and SF developments. 

Use of Funds- a one page explanation 2.

They’ll appreciate the explanation and know what type of deals you want to see moving forward.Overall, you can differentiate yourself from other investors by using these methods when speaking to real estate agents.