Expect to spend another ~$8K for that.If you are planning to close all-cash and bring enough cash with you for operating expenses and rehab, you are looking at a minimum capital raise of about $3M and that is for a cheap 32 unit.

The more time you spend talking about other options and try to build up the negatives, the less time you are spending on what you fell are the positives of your own idea.If you believe that you are onto a great idea using L2P option contracts and forming partnerships where someone else provides 100% of the money while you provide 100% of the real estate-related functions, then start it up and make it work.  

Run your numbers based on youre required return given what youre likely to have to spend and the amount of headache, risk, and work you have to do.

You definitely wont get an app like that for free, so how much would you be willing to pay to a company to submit it for you, vs spending 10 minutes once a month to submit taxes? 

But on this specific guy, I jumped on a call to explore the program and it was a high pressure sales call, it did not feel organic, not trustworthy and certainly did not feel the right fit.Why would someone spend 10k on a so niched-down space of real estate when they can get someone for the same amount to teach him/her everything?  

Under this rule, if you spend at least 100 hours on the property and no one else exceeds your time spent, you can qualify as materially participating.

That would be a helpful addition to your plan as you would further reduce your cost of living.Also don’t forget from that $600 you are planning on getting in cash flow you have taxes, insurance, maintenance, capex, and vacancy to consider.With two homes, you may want to keep that extra $20k as an emergency fund rather than spending it on a third property and then be left with no emergency funds.

A common bit of advice seen on this site is, "Don't spend $20K on a mentoring program when you could spend that money on your first deal and you'll learn much more."

Stop hanging out with your deadbeat buddies who spend all day drinking, talking sports, and otherwise wasting away.

Don't spend the check until it clearsRegulators do not view investors as being altruistic.