For house flipping, consider an LLC taxed as an S-Corp to reduce self-employment taxes by taking a reasonable salary and the rest as distributions.

If you're unsure of any data, AI will take the best guess of industry standard for that particular repair.

Also, at this time I had seen properties selling for 10 – 20% over ask regularly.Interest Rate 30 year conventional 7%Homeowners Insurance = $1,000 annuallyRents = $1,800 per monthWhen I looked at those assumptions, I would need to put down $80,000 on this house to get it to hit my cashflow goal of $500 minimum per month which equates to 35% down.Total mortgage + escrow = $1,267.13 per month with rents at $1,800 my monthly cashflow is $532.87.From my experience, after taking out vacancy and maintenance costs you are left with around 73% of that total cashflow number once the rental is established.People have asked why a $500 per month cashflow goal.

Or is your plan to take their equity as your profit?

I put roughly 20% down on a $200k home, and am curious what steps I could take to possibly turn my original investment into a large portfolio within the next 10 years, when we're currently "low on liquid funds" after finishing up a wedding.... 

Especially for investors who are farther along in their investment careers & want to take a longer view (stability is also a factor) and have the cash to park indefinitely.

Also, take a look at a condo if you really want to be in SB proper, it might be a way to get started, and calculate the insurance and maintenance that an HOA would pay

@Victor Yang I am not a CPA but you cannot take passive losses (real estate activities) to offset active income (W2) unless you make under a certain threshold from your W2 (I don't recall the exact salary).That being said if it is turnkey and you can't value add to create rent growth then probably not worth it at the price

Do you have a management company who will take over operations or is your plan to sell?

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!