Quote from @Sarah Ali: The seller has a contract with the agent, which means they can't legally sell the property without compensating the agent.

Our bank will let us use equity that exceeds 25% across multiple properties that are either owned free and clear or where they hold the first so long as the deal still cash flows with however much cash is brought to the table.

I've not yet invested in my first property, but I plan to purchase my first one by the end of 2023.

@Anthony KlemmCan’t find a rental property to cashflow?

This is an investment property.

What is the property appreciation in that market? 

Purchase price: $74,000 Cash invested: $25,000 Sale price: $145,000 I acquired a property from a couple needing to relocate, with significant repairs required.

Only the PMC is continuously connected with you until you sell the property.

I agree that the market is very competitive in California - especially if you are searching via the MLS or making offers to distressed or vacant property homeowners. 

It wouldn’t work in a red hot market like we had a few years ago where everything was selling super fast, but in todays market there isn’t as much urgency to see properties and get offers in immediately.