Pros include securing the desired property and strategic planning, while cons involve higher costs, financing challenges, and complexity.

To stay secure, I’d recommend saving 3-6 months of mortgage payments, budgeting for repairs, and possibly investing in a home warranty.

Agree with @Jeff Pollack on having the guts to leave the security of a JOB.

Depending on the application, first, last, security, and another month or two.

Quote from @Jeff Adolphe: @Kevin Collins How long does it typically take you to secure a house with REI?

You have engaged and paid securities attorney and are compliant with Reg D offering 

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

He is securing expensive debt, not debt through a bank, isn't putting any capital into the deal and structuring the equity investment in a highly risky manner without any upside offered to the investor.

Whether you’re buying or building, focus on doing so below market value to secure immediate equity or strong cash flow potential.It's also important to thoroughly research the local market—pay attention to trends like rent potential, job growth, and population increases.

The other California investors with more moderate incomes bought years ago and have built wealth from 30+ years of appreciation and small mortgages and their rental income supplements their pension or Social Security and retirement accounts.