Without the high leverage you reduce the top source of return in CA RE which is achieve via the appreciation on a high leverage property.  

Given the permitting timeline, I will offer to purchase some of the furniture and redecorate the rest (so half and half to reduce some furniture building time).

Quote from @Stuart Udis: You can also reduce your transactional costs by using a bank construction to permanent loan with an earn out.

That 18% premium reduces the cap rate quite a bit.

Use your HELOC to purchase the duplex outright for $118K.Your brother’s $50K down payment can immediately go toward reducing your HELOC balance, leaving a remaining balance of $68K.Create a formal lease-to-own agreement with your brother.

We certainly have found some deals that would reduce our living expenses compared to renting.

For the LTR outside CA, forming an LLC in the state where the property is located can reduce administrative costs and avoid double franchise taxes in California.

This level of scrutiny drastically reduces the risk of renting to unreliable tenants.Realtors vs.

A better option would be to partner with someone who can bring the capital needed in exchange for you contributing your time, labor/effort, and expertise.

Wholesalers might avoid licensing to reduce perceived risk, though this is a double-edged sword since wholesaling has its own legal pitfalls.5.