Hello,I am a newbie in this industry that is looking to get into developing real estate projects in Orange County, CA.

You can of course improve this general rule of thumb by:1) putting more money down to lower your monthly payment2) buying down your rate to lower your monthly payment3) get a cheaper insurance quote to lower your monthly payment4) use a different product with a lower rate for a lower monthly payment like a 5/1 ARM FHA5) if you're in a historic district you can apply for property tax exemptions which lower property tax and thereby lower your monthly payment like in Orange, Ca they have a Mills Act which reduces the property tax to about 1/10th of the surrounding properties.

We were building in coastal Orange County before relocating to Bend, OR.

While initial purchase price will always look higher, comparing a Mac to a Chromebook's an apples to oranges comparison (no pun intended). iPads are closer to Chromebooks and even that's hard to compare since a Chromebook with similar capability to an iPad is a $1k Google device not the the $400 device sold at Best Buy based off 5 year old chipsets. 

Regardless of where you invest, working with people who really know the micro markets is crucial to successful investing.Good luck finding the market and the team for you - I'm sure BP will be extremely helpful in your research.

We are primarily looking for SFH rehabs in the West Orange / Maplewood / South Orange area in Essex County northern New Jersey.

. - Unfamiliarity with the area/surroundings- Lower Rent compared to CA but I know I can't compare apples and Oranges (But I don't want to invest just to break even)------------------------------------------------------------------------ Tax questions ***Some state does not have tax on income(?)

But can't compare apples and oranges. 

PMI =0.0085*950,000/12=$672 monthly.HEL 80-15-5 scenario)  HEL closing cost on 150,000 = approximately $6000.  20yr at 6.25% = $1096 monthlyThe calculation above is kind of comparing apples with oranges. 

I'm down in orange county.