That way if things go well, you end up in a lot of deals together, but if one of your buddies isn't as involved, there are no feelings hurt if you go a different direction on the next deal.Most importantly, I  think of real estate investing as a crock pot, it takes a while until you have enough rentals fixed up and renting to the point where the cash flow from rents each month is meaningful.  

An insurance agent is pretty easy to start out in and large companies pay a salary, then a drawing out of a pot type arrangement that gives you a living.

The Costa-Hawkins Act also allows "vacancy decontrol" of rent-controlled units, meaning landlords can raise rents to market levels when tenants move out (voluntarily or after being evicted for rent nonpayment).Other properties exempt from rent control include owner-occupied buildings with no more than three or four units (depending on local regulation), short-term rentals (think Airbnb), government-subsidized tenancies (Berkeley and San Francisco excluded), and detached ("granny") units that could not be sold independent of the main house.

If they don't leave voluntarily you may have to pay them to leave but if you can get them out prior to freezing weather that is ideal.

I'm thinking a good plan would be to take some of the profit and put it towards a cash flowing rental to hold onto, putting some back in the pot towards my next rehab which I'm actively looking for, and keeping a little for my personal use.

The house might be nice, but when they see the pool with the potted palms, lounge chairs, etc. it always sinks the hooks in.

Speaking of cooking equipment, some people make the deadly mistake of placing their old pots and pans in a vacation rental. 

lol.Is that the pot calling the kettle black David?

The money is not cheap because of all the hands in the pot (Rental Regional Center Fee, Raising Money Fee for someone with know-how).

I now don't have that pot of money to use for my first few deals.