If I lost you there, allow me to summarize. $200K investment can control $1M in real estate assets. 20%-25% down on properties valued at $100K or less will allow you to acquire 10 properties.

So in summar,y no, I don't think you're at a disadvantage investing in LA or SF or NY, you just make money in a different way, and it's for you to decide if that's ow you want to make your money. 

For an easy one stop big picture guide, I like Fishman's Nolo tax guide for LL's as it summarizes what is in a dozen IRS forms and pamphlets.

The difference is the cost represents a much larger % of NI in D class.There's an article on BP that summarizes capex costs.

@Michael DunnI have a few portfolio loans (kept in house by the small local banks I work with), and the terms were purchase + rehab all in a commercial loan.To summarize your questions: the lender may lend for purchase + rehab up to a set amount, based off the value of the house.  

In many brokerages, the agents don't pay a monthly fee and the broker is only getting compensated from splitting agent commissions; if the agent only doesn't pay fees when they buy for themselves -- and if they're only buying for themselves -- then the broker who doesn't charge monthly fees is going to lose money.To summarize my personal opinion on this -- there's no free lunch when it comes to hanging your license. 

I won't quote everything, but to summarize, he said I should be doing SOMETHING with these leads other than trying to sell them my house.I knew I could refer them, but most realtors go by the strict rule that you can't give more than $50 for a referral in a non-cash compensation.

I will try to summarize my story.

To summarize, you want to do a cash out refi after a month.

Use leftover funds to pay for renovationsThere's a lot behind these steps so I'll try to summarize the numbers below:Step 1.