I don't know whether or not your ego would allow you to think rationally about my warnings (you may accept them, reject them, or worse pay only lip service to them,), but I see a very good chance that your program will lead to broken friendships and possible ugly legal actions.  

I just sent you a message Lip.

I already tried calling the company on the sign and they were tight lipped.  

:blush: And Nevada isn't any more private than California.

. #2 - the tenant who pays late: If the tenant always pays even though it's late, I'd just bite your lip until the lease is up and then not renew.

While at first blush it may seem to make sense until the next crash, ask yourself this:  How high will interest rates be by the time the next pull back happens, and how many deals will you have passed on in the meantime?

For the reno rough numbers, I would up them a bit from what was previously mentioned: Lip stick - $5k-15k (under $10k in my experience is very rare)Light Reno - $15k-$25kFull Reno - $25k-$50kGut Reno - $50k+I would say that the majority of renovations end up in the $25k-$50k range

(see list in #1 above).5 - Once you've reached your established "width" of expansion, continue to lip the seed money...but now you can spend the profits (profits only) on cash flow properties.  

At first blush without the aid of total units available the Los angeles area, 29,000 + or so buildings may not be as much as I thought where the Los Angeles area is concerned.That being said, if there were ever a time to be poised to grab a 5 unit multi family building at conditions favorable, the time is coming starting February.

Like you told us we want want something that we would have to guy out as our first property but something that needs some lip stick.