Refi after construction.These numbers consider only the portion of costs of the HEL attributable to the land purchase, not the payoff of the HELOC (which we took out to buy the Seaside condo).Cash In:                     $66,166 (Cash, 1 year of debt service of HEL, debt service of const. loan, furnishing)Amount Financed:      $548,000 (home equity loan + construction loan + closing costs)Total Cost of build:     $614,166ARV:                               $850,000 (or rather "after construction value")Refi                                $637,500 (75% of value + closing costs)                                        Cash Out                       $89,500New payment             $4500/month (54,000/year)Estimated Cash Flow (pre-tax numbers, so actual mileage may vary)airBNB year 1:            $70,000     (net income $16,000)airBNB year 2:            $100,000   (net income $46,000)airBNB year3+:           $120,000   (net income $66,000)ROI (construction year):    0ROI Year 1 of STR:              24.2% ROI Year 2 of STR:              69.5% ROI Year 3+ of STR:            99.7% Did I calculate these ROI numbers right? 

Pricing higher than a bank ( if you can actually get a bank to lend you money in the first place)2.

Is this for props that have a foreclosure filing against them so you can get to the actual owners for a pre foreclosure purchase ? 

Unless of course you actually have the money in reserves and would make up any loss.. that would be different..

There is a multitude reasons why I like small multi-family properties over SFH.  

True although the fires this year just adds to the reasons to leave California (excessive taxation and regulation, overbearing political correctness, downtowns littered with feces, etc.).

The landlord shall not commingle such moneys with any other funds of the landlord or hypothecate, pledge, or in any other way make use of such moneys until such moneys are actually due the landlord; or

Reason being is that I'm not a US citizen and I do not live in the US. 

That's actually one of my pieces of advice for you... learn how to do your own book keeping so you know your P&L in real time at all times. 8) Hard to say without knowing the value of the place, CC&Rs, as well as any HOA fees/dues. 

Other introverts will feel comfortable with you and that could actually help your journey......more important qualities are honesty, integrity and being a harder worker than others.Just be yourself and go get started.