I also know if you have the money to spend blowing out a wall and having it enter into the living space is also doable but very pricey.Basement & Bedroom: I would try to replace the ceiling with a drywall ceiling and add some sort of more modern paneling to the walls.

Is that doable?

Between low interest rates and a new flood of CA investors, the market conditions are more challenging than seen in the recent past, but still doable if you are determined. 

In my area a 20% cash on cash return on a buy and hold property is very doable, so you'd be looking at $20k/yr of positive cash flow plus appreciation potential plus mortgage pay down.

You snooze you loose .

Are there legal ways to do Lonnie Deals that are convoluted but doable?

If your 401k is getting you a 8% return and you can get 20% return on real estate (very doable right now) then the numbers should make that decision fairly obvious.

If the lot was supposed to be released, it should be doable.

That is one draw back to the DIY approach; if you're competing in a market where the marketing is being done by pros, you may be at a disadvantage.But all in all, I think 5k in 30 days is doable, but because there are so many different factors involved that are beyond your control, it may not be sustainable every where.

It's definitely a tough place for a newbie investor, but doable if your goals are realistic!