Good Morning,I am a former Claims Specialist with the Social Security Administration and currently unemployed homeowner who is looking for guidance on how to gain property management experience here in the Central Coast of California.My wife is the only one working at the moment, so times are tough to say the least.We're looking to rent out a portion of our home in order to save up enough money to purchase our second home (or multi-family unit), rent that out, and begin to expand our portfolio. 

I imagine the whole process is simpler but can anyone tell me how different it is when you don't borrow the rehab costs?

To save those costs, you might want to stick to some year build and older, for example, if you cannot do inspections on the properties that you are buying due to off-market deals or something else that is hindering you (all sellers I buy from do not want anyone in the home till we close).

Low cost housing is a huge motivator to change behavior and keep their housing voucher. 

However, I still struggle to understand the art of estimating rehab costs. 

For residential multifamily properties (1 - 4 units), can you use a home warranty to take care of the repair costs associated with rentals?

I have a good FT job in education administration, but I want to retire asap, focusing on RE (so, not really retiring, but you get the idea).

You can list properties all over town but if not many are selling and just become withdrawn or expired those marketing costs can eat a new agent alive.

Interest only loans allows them to get a goal profit of $500-$600 per month per property.3) Each acquisition would require 20-25% down at an 80-100K purchase price. 4) Closing costs, and the Eric Spofford turn-key transaction fee of 10K would be in addition to the down payment and were not included for the purposes of calculating the cash-on-cash return.

In option 2, your costs are $25k higher.