Good reviews on work.b) Cheap contractor - wants $1,500 for the same work. 

If you can get a 4 unit and a basement, that would be ideal and create major cash flow and equity creation, plus you can not worry about a property manager and boost your yield.You can get a whole bunch of cheap debt which your tenants will pay down over time, massive appreciation and potential cash flow if you buy right. 

IF you wanted to buy properties on the cheap AND do the work yourself (instead of hiring a contractor), then you want to buy with HML, do the renovations, then do a cash out refi and move into it.

Then I plan on going back to my portfolio lender with 2 town homes and a duplex free and clear to pledge as collateral for around $600,000 in financing so I can go buy some more real estate.If you know what you are doing, this can be a very cheap and convenient source of short term capital.

Be a cheap slumlord, and you'll be selling in 6 months.

REI Game Changers is a beginner program that relies on cheap spray and pray list marketing.

Mid term and STR is a good option but you will have to furnish it, and do not go on the cheap route from IKEA or something that will break and you will have to replace it again anyway.  

It will require Ca Fair Plan insurance which is not cheap but is likely cheaper than a free market would dictate.  

As I grew, my structure became more complicated.Anyone can create a cheap LLC. 

And remember, both will appear cheap to you, but that doesn't mean they will necessarily be good investments.