And certainly if you are targetting specific neighborhoods and areas I would still encourage you to examine the cost difference in purchasing a primary home vs. using hard money with holding costs and refinance costs. 

Again, others might feel differently here.3) property level due diligence: (takes seconds to weeks per deal): here is where I drill in with the low-level details.a) pro forma popping: I examine all the assumptions, and see if they are overoptimistic or not.

Examining the rental contract to confirm what the seller and the seller's agent told you should have been part of your due diligence. 

This search is an examination of public records to confirm a property's legal ownership.

We need to examine your Net Cash Flow before and after. 

I Have just recently passed my broker exam in CA with not ever having worked in R.E, as I qualified due to my 4 year degree. 

@Mat O'Grady,If you are asking the question, start by re-examining your values and your financial goals.That said, would the family be served better by you renting it out and sharing the rental income with them?

I just passed my license exam in Michigan but have not registered with a Broker yet.

I have taken the required credits for it and I am scheduled to take the exam in February.David, It will be great if you can send the info for the education-related estate investor group which meets in the Lake In The Hills.

I think you need to re-examine what you are doing and why.