On the other hand if you're looking towards hiring a office worker or two, setting up phone lines, incorporating, and marketing... then you could be talking about much more capital, but likely a faster revenue.

You don't want to get surprised when you didn't incorporate cap ex, vacancy, or property management into your expenses

The terms laid out in an LOI have to be incorporated into a Purchase Agreement which gets executed; many deals fall apart during the negotiation of the purchase agreement.

@Ike Ekeh How things go really depends on whether the parcels involved are already incorporated into the relevant municipality's growth plan. 

I would then have a lawyer draft a guaranteed maximum price (GMP) contract for your builder to sign with a very thorough scope of work and set of construction documents incorporated.

I would suggest looking at East LA (zip code 90063), its in a non-incorporated area of LA, meaning no rent control, and its a bit easier to find housing.

Do you charge them the cleaning fee separate or incorporated with their charge for the whole stay? 

I chose this because i'm looking for cash flow and looking to achieve financial independence before 30 -- I am 21.Knowing my niche and some of my criteria, I was wondering if I should consider incorporating.

Thus, I need someone competent to do a thorough financial analysis to help me understand where the swing points are in the tradeoff where one option would make more sense vs. the other one.Something along the lines of:https://www.nytimes.com/interactive/2014/upshot/bu...but which also incorporated my current investment property holdings.

Good that you bought it as an LLC, because it sounds like a law suit waiting to happen.If I'm reading this correctly, my recommendation would be to encourage the tenants to move, then start over with a new design, making sure to incorporate someone who knows a little about building codes.