To make a long story short I'm currently working on developing 13 units in the city of Lake Elsinore, CA and while going through the process of developing raw land into multifamily housing there's going to be a ton of people you come in contact with the are essential to the development process.

Looking at craigslist for Las Vegas and Los Angeles, it seems that a room rental w/shared bathroom situation is roughly 50% (maybe 60%) of a 1 bedroom apartment.

You only pay on a HELOC when you use it so if your goal is to flip or BRRRR, you can essentially become your own hard money lender and pay that money off as soon as your project is done.

My rehab is simple where I am replacing the floors with LVP, repainting, adding a half bath, kitchen redo, and bathroom redo.

Closing into a trust is nice but not essential, the Poa, seller affidavit etc are key and needed.

I could go into an essay on this topic as I've essentially spent 2 years working on me trying to have a go at this entrepreneurial life...but for me it boiled down to 3 major things. 

Will need to add bathroom, foundation, siding, electrical, all the above - estimating rehab costs at around $50k with me doing a lot of the work.

Listing: Large modern and updated 2 bedroom, 2.5 bathroom, multi floor (2nd and 3rd floor of building) unit that is just a short walk to shops, restaurants, parks and train station.

Essentially you can live for free if done correctly, save for other acquisitions, and get hands-on experience with REI.

We took a family vacation here and there and we don't pinch pennies, but we were essentially doing that from our W-2 income so we could maximize investment dollars.In December 2020 I reached a net worth of about $2 million, had almost $200,000 in the bank, rentals were grossing almost $20,000 a month, and no debt.