Anyone in California of course should pretend that both PDFs have my contact info on it, as well as language implying it's some super duper special thing that only I offer and no one else can match, and not a vanilla Fannie Mae thing that anyone can do.

Besides, "responsible for outside upkeep" implies lawn cutting, snow removal etc.

I completely get where you're coming from and it was not my intention to imply contractors are thought of as "small".   

You might also find someone there with whom you can partner on your first deal.Alternatively, I know of a good trainer who will drop in and help you actually get a deal or two under your belt...not just tell you how to do it.One more thing, Austin has a private lending fund located there to help you fund your deals short or long term at competitive rates.You are wise to proceed carefully.  

On the other hand Cash on Cash Return, as the name implies, factors in "How much cash came out of my pocket, and how much am I making back in return?"

To mitigate this risk, you would need to bring either a good amount of cash at closing (thus reducing the lender's exposure), or find a deal that has a good amount of "implied equity" in it.  

In Clark County (southern Nevada - for non-Nevadans) zoning and its flexibility is also a matter of context - provided both by the adjacent land uses as suggested by Scott, above, by the over-arching Master Plan for the community, and by the vociferousness and/or complacency of the surrounding neighbors.So, while checking with your friendly development official for the details Scott suggests, also see whether there is a master plan for the community in which your target re-zone land is located and what flexibility it may imply or allow for - and for their assessment of the character and mood of the neighborhood regarding a zoning change - or waiver.  

Be careful - this sounds like you now have an employee, with all of the obligations that are implied by employment relationships (income tax withholding, insuring for workman's comp, bonding in case of theft in unit rented by somebody, etc).

That's if we are being generous, because he claims to have gotten a salary bump (perhaps in those two years).That implies he made around $750k in rent and capital appreciation in two years (or a shorter time period if you consider they didn't buy a house until 9 months had passed after the first purchase).Now I know that Seattle home prices have been on a tear for the past few years, but that's a lot of appreciation, right?

Making money strictly through cash flow can work, no doubt, but to make a blanket statement implying that it is the only way to make money that isn't speculative just isn't true, sorry.