anything requiring 'membership' costs that high are suspect IMHO.  

It seems a little high but there's a lot of work on that estimate.

Quote from @Jay Hinrichs: my advice is to get some cash first.. dont be so focused on super high leverage. do seller finance first .. forget sub too until you are very well established and have ability to cash out the loans or refi on a moments notice @Don Konipol  Don gave you chapter a verse about the sub to risk/rewards.

They do the paperwork and connect you with a high volume (not high touch) eviction attorney.  

I wasn't aiming for a high-end look, but I also feel that if I'm already putting in the effort then I might as well put in decent materials and invest in doing it right.This apartment is pretty small, 500 square feet. 

I’m not saying you can’t do it, I’m just saying it’s not worth doing unless you’re unemployed and like doing it or your rents are high and your maintenance is low.

that is potentially high risk for both of you if the bank calls the loan.and if you don't have money for the down payment, what happens if there is a major expense?

I live in CA (SF Bay area), looking to move out of state possibly Nevada in two years once my son graduates High School.We sold our manufactured home a couple years ago and now are renting and saving for future home.Thought about buying an investment home in Las Vegas and renting it out for the next two years, while we are not ready to move.

It's highly technical, but most importantly it is valid.

Your rent seems low and your security deposit is already quite high at twice the rent.