Successfully acquiring, renovating, and selling multiple distressed properties can significantly boost your returns, but it also comes with its own set of challenges.

This property offers spacious townhouse like setting floor plans offering one, two and three-bedrooms.

I know there is of course no set rule out there but just curious on folk's experiences.Also curious to know folk's thoughts on what the CONSERVATIVE median $/sq ft for the Los Feliz / Silverlake area on LA is.Thanks all!

In order to do this you need to have deal flow and you need to know 1) How to recognize a good, profitable deal, 2) How to put together funds quickly to buy the deal before someone else does and in such a way where you are protected and the deal is protected, 3) How to run the project so that you follow the budget and don't overspend or overbuild, 4) How to attract an end buyer or a renter and which documents to use to protect yourself and the buyer, 5) If you are going to keep the property then you need to know how to set up the property from the start to best help you in the refinance later, and 6) You need to know how you are planning on managing the property from the beginning in order to make sure it will be profitable at the end.

As for the legalities of setting up an LLC to protect you and your partners, I would consult with an attorney for best judgement. 

Again, to set expectations for the people I work directly with.

Start by reading Rich Dad Poor Dad and Set for Life to shift your mindset, and remember that your first deal or breakthrough networking moment will boost your confidence.

We had a call set up for a Monday in December and by Friday we found the house we wanted to purchase through them. 

I want to stop being pennywise pound foolish and get things set up properly. 

You need to set some criteria to help identify your "quality deal."