But often it’s just the thought that you’re achieving something when all you’re doing is trading a perceived psychological benefit for future wealth.  

Find Pet Sitters & House Sits Worldwide | TrustedHousesitters.com It is a site that trades pet / house sitting for free housing.

The best thing he can do (if he wants to go to college) is do something he loves that will also get him a job at the end (eg STEM fields or trades). 

This includes rental income, which is typically taxed at a flat rate of 30% unless you elect to treat the income as "effectively connected" to a U.S. trade or business, which allows for graduated tax rates and deductions. 

But per lot it will cost roughly the following:$1,500 Electrical poles, meter installation $2,000 water taps and connections$5,000 grading and land prep$8,000 septic installation (assuming a 1:1 ratio of homes to 1000 gallon septics)$5,000 down payment on each home ($700-750 / thereafter per unit)$21,500 total set up x 17 = $365,000Ongoing expenses after development would look something this for POH model: $12,750 a month in mobile home mortgages (17 x 750 for PITI on each unit) $1,900 a month in land mortgage PITI (house) $3,000 a month landscaping$2,000 a month in reserve emergency fund$2,200 management$21,850 a month total expenses $262,200‬/yearOngoing incomes after development would look something this for POH model:$27,000/month ($1500 x 18 {17 mobile homes plus house})$324,000/year324k-262,2k = 61,800 net pre-tax profit or $5,150/month.Opportunities to reduce start up expenses: Bulk deals with the government or contractors for doing all the work at once (electrical, water, land grading, septic) Trade free rent for someone to mow and landscape (turning a $3k event into a $650 event every month).

I got my first “career” job a year ago, but quickly realized that trading time for money wasn’t going to be enough if I wanted to create wealth while living in California.

But the overall benefits to the economy for homeownership vs. renters, in my opinion, is worth the trade-off. 

These prices still need to come down, and from what my students have told me, 8 caps are what older assets are trading for.You're gonna have a problem with hot water.

So there are thousands upon thousands of vacant lots and these lots have been traded since the 50s  at tax sales or land guys buying cheap and selling for more on terms etc etc..

So unless you have someone good, it might be cheaper in the long run to have a solid manager who has in house employees or contracts with the trades and supervises their work.