Also, I would also appreciate if you can provide recommendations / referrals on service providers.Current Situation$450K deployable cash$550K primary residence in Southern California – own it free and clear & no other debt and thus refinancing will be a feasible option$450K rental property in SoCal – own it free & clear -> ~ 3% COC & 2% appreciation -> eager to look out of state~ $150K Annual income – quite stressful job and thus looking for passive investing options with periodic updates to keep me in the loop~ $100K in stock/bond/mutual funds generating ~ 4% annual return – open to re-allocate these investments if RE investing proves to have better returnsAge - Under 30 -> Risk tolerance level of 3 (1 being most risk-averse and 5 being most risk-tolerant)Goal – Building long-term wealth with healthy short-term cashflowsMy Little Plan1.~ $300K in Turnkey properties with the below breakdown a.

I relish the prospect of getting my teeth stuck in this new world.Although, I am a fairly experienced and established RE investor/developer in the UK, I am in many respects a newbie in your market, currently with one SFR New Build under my belt.

@Sonya BrownYou would start this like any other business, however you would need to get insured and bonded, even if you hired independent contractors.However if you hire employees, that's a whole different ballgame, that's why many rehabber's don't, because there is much cost added when you start doing that (payroll, taxes and all that fun stuff).As for estimating.

That at least has teeth if it comes to that.  

.- most folks arbitrage HELOC with 'short term projects' such as I-saving bonds (9% now), HML debt/mortgage debts or BRRR project.- Or you could re-invest to CF OOS.Each of those has its own risk/reward intricacies.

Wade Alderson Whatever you do, review your decisions with someone you trust and vet whoever you work withI would diversify the $ and put a mix in stocks, bonds, and real estate.

Focus on good W2 career, once you have growing salary, just keep buying homes (or stock or bonds, any appreciating asset pretty much).

If you are going to do that, then at least put it in something that's established, reputable, and well regulated like the stock or bond market.

That decreases long-term bond portfolios by ANOTHER 20%, putting pressure on even the very best banks' balance sheets. 

I don't mean to cut corner, however I am trying work within the market parameters that I am bond to.