Purchase price: $305,000 Cash invested: $80,000Single Family home in a 55+ community. 2 Bed 2 Bath, attached 2 Car Garage.

From what you’ve described, it sounds like you’re more focused on long-term appreciation and future benefits rather than immediate cash flow.

And again, with a separate parcel it should be easier to finance the construction and do a cash out refi. 

Basically you find these distressed properties in pre foreclosure, probates, divorces, or just ugly vacant properties. then you calculate the Max allowable offer and if it makes sense you call up the property owner, get it under contract for dirt cheap, then you assign the contract to a cash investor for an assignment fee. this is the general idea obviously it gets more in depth, but its finding deals that you would buy as a fix and flip or brrrr, and instead of actually buying it you sell it to other investors.Ahh I see, thanks for clearing that up.  

Renovating a duplex can boost cash flow and long-term wealth.

Additionally, Airbnb income during this period could generate steady cash flow, though market conditions and regulatory risks should be considered.

I went all in, I had a few 401K’s so I cashed in the one that was growing the slowest and took the penalty and purchased my first property.

That kind backs out to 12-15% cash on cash return. 

But once you’ve crunched the numbers and found a good cash-flowing rental property, if the numbers make sense, I encourage you to dive right in.

If the deal is right you can use hard/ private money to finance the home purchase and some or all of the repairs, then do a cash out refinance to pay off your hard/private money.