Needless to say after doing my Homework "on the ground" the impression of Broad River Builders was 180 from the negative post on this site.I decided to hire Asa as my GC.

If you did the homework and know how much you can get cashflow from this property you can figure out how much you can pay her monthly, maybe even setup a "interest only" for the first few months until you are done with rehab and leasing.Another option would be to pay her some amount of money to become co-owners (on title) and then all income and expenses are split between the two of you.A critical factor in your success here would be doing your homework!

Do your homework, read, and study what you’re doing, but at the end of the day, the only way you’re going to make some money is to get out and do a deal.

Figure out YOUR end goal, YOUR risk tolerances, and YOUR preferences and that will inform your strategy.Ultimately, it sounds like you are looking for a set recipe with specific math.

You should recheck your income and expense math on based on your new mortgage payment if you are planning on taking cash out.But if you need to move out of state to make it work financially because of San Diego's high prices, that is a more personal decision beyond just the investment analysis and you would have to manage your first rental from out of state, not the best way to start on your first rental.Also, you should be aware that you would be giving up the $250,000 single/$500,000 married capital gain exemption if you did not sell your primary within three years of moving out.

We are to do a little homework and read a book given...

@Kevin Colwick one rental per year is a great strategy however reaching your goal of 2 dozen rentals....well you do the math.  

My point is, not to discourage you from making good estimates, but don't get too hung up on math from your desk as when you visit the property/walkthrough with a GC/inspector expectations often will change even if you spend hours calculating on your own.Good example: we entered a contract on a 950 sq. ft. property last week that appeared to be CBS from our Google streetview and based on our conversations with the seller who did not have much information as she lived out of state.  

Always do the math analysis on prospective properties and try to look at them before you make an offer or at least have a clause in the sales contract that will allow you the time (aboutc10 days) to make a detailed inspection and possibly back out of the deal without a penalty that will hurt you too much.

Essentially that is how it works but I strongly recommend searching this forum and doing a lot more homework before offering it to a client.