What he meant was, he already knew it was a great deal and advised me not to get caught up with over analysis and miss out out on the opportunity.

One good thing about building a 2-4 unit as a primary is you less money down and you can use the other units as income to help build a more expensive home.FHA allows for a higher loan amount as you get into the 2, 3 and 4 unit homes and its still only 3.5% down.

@Michael Carlson For what it's worth, here's a copy of my proforma (it uses the address and pic of the property I linked to earlier, but uses your numbers as close as I could get)...

I want to try and get ADR and occupancy market data.   

Hello,I'm from Canada and looking to get into the US real estate market.

Congratulations, you get to share your partners tax burden and pay the depreciation recapture at ordinary income rates. 

FHA 203(k) loans are a great way to get into a property, add value, and set yourself up for strong equity when you eventually rent it out.Biggest things to watch out for:1.Contractors & Timeline – The loan requires HUD-approved contractors, and the rehab process can take longer than expected.

@CJ Moulton Be careful not to get "analysis paralysis" looking at demographic data for any market.

I am well versed in pretty much every facet of Real Estate: house hack, LTR/MTR/STR, multifamily, and fix and flips primarily.Aside from that I am also (somewhat) a serial entrepreneur, having started and sold multiple business' over the last 15 years.I also meet with 20+ professionals every week, through referral groups, meetups, and just 1 on 1 sessions trying to get to know people and make connections.I would love to chat with you if you are looking to meet people and get more information about real estate in San Diego!

To be fair, they needed a tad more work, but you get what I'm saying.