Basically, if you want to do the work above board, I would say that there is NO WAY to do a $150/sqft build in the Bay Area.

As far as tenants; I don’t know California’s laws but basically you advertise, screen, get a landlord type of insurance policy, sign lease, set expectations, take care of tenants and home but don’t confuse that with being soft on due dates etc.

The other question that I had was this concept of buying the note out of the exchange. 

I have the following basic list and am looking for guidance on who else should add to that list:* CPA / Accountant* Real Estate Attorney* Real Estate Agent* Insurance Agent* Mortgage Broker(s) / Lender(s)I realize that depending on the type of real estate investment I might need more in my team (e.g. if I am rehabbing, I need a General Contractor etc.)Who else would you recommend I add to the above list at an absolute minimum? 

Jacob, Thanks for your detailed explanation, it does appear I was basically using the COCR.

You could always ask your neighbor to sell you the 33sf and then do a lot line adjustment then all you will need need is a survey and meet any of basic requirements.

Sorry for such a basic beginners question. 

You'd be surprised what people will live in, especially long-term owners/tenants who tend to neglect basic maintenance.

Basically I am trying to take this 21k & figure out the best way to put it to use to make more money with another home purchase & flip, tax sale & flip, or any other method. thoughts?

Are we not considering something basic?