There are no real wholesalers in the group, and very few people doing free and clear transactions, at least that I know of, and the average level of the knowledge about real estate of any of those "Bid Dogs" attending the masterminds is very low, or almost non existent, as most of them are new members.Phil preaches that they are experts because the know just a little be more about real estate investment than the average guy, but the reality is that is all smoke and mirrors, and they feed and prey upon people expectations to improve their lives, creating false expectations about people being able to make money the easy way, with no credit or money to start with.

For your elevator pitch, keep it at around 30 seconds, talk slowly, and practice in front of a mirror.

The city/county laws for the most part seem to mirror state law (AB1482) so my current reading is I am exempt from "rent control" and "just cause" requirements. 

Ultimately, the decision should mirror your financial ambitions, how actively you're looking to manage your portfolio, and your risk tolerance level.Take some time to reflect on what you hope to achieve with this investment.

Here is the proof, it is Fannie Mae's guideline but Freddie Mac's guideline mirrors Fannies on this issue.

Biggerpockets won't let me hyperlink out of a forum, but if you go to themoneydummy .com and look under the marketing tab, you can see my SEO strategy (it's pretty high level, and I do intend to provide a newbie SEO post at one point or another), that I'm using to take over Google in southern Wisconsin. 

They're personalizing it, turning every listing you see into a mirror of your own dreams and desires.

I concede I'm a bit conservative but look in the mirror and tell yourself honestly that you have practically no real estate knowledge and no real estate experience and then ask yourself is that's the footing you want to be on as a basis for totally disrupting your life and risking $250k. 

I agree what others have said sweat equity it and do what you can hiring out only what you have to in order to take the shortest straightest line to cash flow coming in. by the time you sell this thing you will have 2-3 more payments out the door as well. its clear to me, they both hurt but the option to hold will recover...some day.so you either set yourself back for a couple years losing and paying on a property you dont own or a little every month on one you do that will eventually have upside, unfortunately if i was in your position i would look in the mirror and say made your bed- lie in it. 

After reading this whole thread, as usual Bruce generally makes the most sense and mirrors what I do.