I was relieved to hear you speak highly of his program after reading the posts before yours.

It is somewhat complex to try to explain on a forum, but at a high level, you (aka GP) and your family member (aka LP) would agree on how much the 2 of you would put in for the amount of equity needed (usually expressed as a %).

@Chris Kay finding a quality, cost-effective contractor is extremely difficult:(There are thousands of contractors that are great talkers, but rarely perform within budget.Standard bait & switch is to lowball a bid, then once they get started all sorts of things "pop up" that somehow their bid didn't cover.

I cannot speak to the quality of the coaches but the sales staff seamed well trained.

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

Rates are high, usually in the high 8s or low 9s, and you may pay 2-4 points on the loan. 

I would highly encourage paying a GC to walk deals out the gate, have them give a scope of work so you can see what items costs.

high prices have made properties expensive and high rates have made money expensive. 

Goes back to that original thesis in a thread long time ago-- quality over quantity.

I'd highly recommend house hacking in your local market since you're in one of the highest cost of living areas in the US, especially if you're renting currently and planning on staying in the area for 5-10 years.It sounds sexy to go out and invest out of state for your first property.