Sell homes, every 5th home you sell, buy a rental for yourself, fix the rental, rent it out, and pay extra on the mortgage each month. if you sell 20 homes per year, that means you will be buying 4 homes a year, in 5 years you will have 20 homes, if those 20 homes appreciate by $50,000 each, BAM you are a millionaire.

These are 5 attached 3 bedroom townhomes and 4 individual SF homes all on 1 acre of land.Please let me know if I am forgetting anything.Rent: $8,875.00Units: 9Maintenance $1,331.25Vacancy $443.75Property Manager $621.25Insurance $484.47Utilities $150 (calculated at 85% recapture on RUBS for water, gas and electric metered separately)Landscaping $300.00Advertising $73.96Ongoing Capital Expenses $887.50Taxes $702.63Purchase Price $385,000.00Rehab $78,100.00Holding Fees $17,750.00 (2 months rehab, some will rent sooner)Closing Costs $3,500.00Cash out of Pocket $484,350.00Additional ideas for extra income:Pet Rent - $10 per month per pet (the property has a huge green space for pets that I may actually fence in as a "dog park")Appliance Rental - $25 per month for w/d, $15 per month for refrigerator (I actually ran across this idea looking for my son an apartment recently)Property also has a big playground that I may remove -- not sure yet.Please let me know if there are other expenses that I am not calculating (hopefully they are small :))

I do this because I have more cash available earlier: you can use all $29,000 now for one house, or you can use ~$7,500 and get a loan for the balance, allowing you to keep the extra cash for additional properties.Remember: The numbers have to work for the deal to be a good one.

Further more, updating will have to happen at some point, because it reduces the maintenance expenses and costs.If a water heater is more than 6 years old when I buy a new place, I will replace it because it reduces the maintenance costs that usually wind up being more than the cost of a new one in those "extra" 6 years.

He will basically just put money into my account and I will purchase property, do the rehab on it and then when it is sold we will split the profits 50/50.However since everything will be in my name it will look like I received all the profits at the end of the year when taxes are due.I know we can set up a partnership or create an LLC where we are both the owners....but he does not want to do any "extra" work.

And you are right the extra space is always nice.

Do added stress and extra repairs make it not worth the time and money?

Am I right in understanding the new law will make the returns much less due to extra fees for loan company?

(or as an extra negotiation tool for you.)

You should really assess what you goal is with respects to real estate investing and think about how a law degree will affect that end goal (extra tuition cost, time, etc..)