Hi Greg, Maybe call around locally and see what the competition is getting and what they are offering regarding access and security to price yours appropriately.In some areas this looks like a promising venture.

I imagine that is your plan as you said earlier you've got $5,000 to put into this venture.

I've never ventured into the HML world, and stopped offering non-qm, because 95% of people don't believe me when I say that rate/fee shopping these loans is 95% about how much risk tolerance you want the lender/underwriter to have, and 5% about getting a "better deal."

This would be my first time venturing into the real estate realm so there would be lawyers involved but before talking with a lawyer I wanted thoughts and opinions.

If not Joint Venture with someone who does.Wholesaling is a great way to generate some cash quick.

Really happy to have found one site that addresses so many aspects of my new venture!

I'm definitely inclined to #3 as I got into this venture as a safety net and somewhat stability (otherwise I would just do REITs), but pulling in potentially bad tenants would be contradicting.

Unfortunately, I just basically hopped on my new house deal and opportunity to get a 2nd home and decided to try landlord venture on a whim. 

You can even find way cheaper properties in these markets if you decide to venture in to D grade neighborhoods.Your best bet as a California investor would be to look into out of state honestly.

Smaller deals are typically accomplished via Joint Venture or a private loan type arrangement.