I bet you could get cash flow if you bought a large lot single family and built a separate "accessory unit" cottage in the back yard or converted the garage to a rental.

One neighbor recently bought a barn type building that I bet he spent >$90k on rehab/septic/landscaping then another $35k for foreshore reclamation.  

San Leandro is a good bet, because many buyers are being squeezed out of Oakland and are moving south.  

Appreciation investing is dangerous and speculative, sort of like betting on sporting events. 

@Joshua GostonAs mentioned by others, speaking with an experienced syndication attorney is your best bet.

After “X” amount of years I would like to refinance to pay the balance to the seller (once I’m at the LTV % for refinance).  

The 2nd , 3rd, etc. tenant placement fee should not be paid, or a refund of the original amount should be due.One way you can hedge your bets on getting a good tenant is that FINAL APPROVAL of a prospective tenant must go through you, the owner. 

I do all my own repairs but would be contracting for big jobs.Here are the details:Sales Price: $299.9 (working comps)Total Income: $3.3k (rent) + $325 (other) = $3.7kTotal Expense: $2350 (mortgage) + $400 (Water) + $409.8 (Vac) + $372.5 (Repairs) = $3.5kCash Flow: $192.75Annual Cash Flow: $2.3kDown Payment: $0 because I'd try to solely do this with HML upfront and then refinance in 6 months with bank.

They are easy to replace, the challange is finding an exact match.I would google Armstrong ceiling systems or USG ceiling systems that would probably be your best bet.

I bet dollars to donuts she'll take care of it.