Example:Investing $50k for a 2-3 month rehab & flip project for a profit of 8% ($4k earnings).

Example:Investing $50k for a 2-3 month rehab & flip project for a profit of 8% ($4k earnings).

I own a property, fix, sell and use the profit to reinvest in another.

neither are very accurate... you need to have a list of comparable homes that sold in the area that match  the house you are looking at  in lot size ,sq feet,  bed ,bath, outside finish etc  and some time houses even a few blocks away don't match because  they are over the tracks or a hwy or something that makes them a different neighborhood... you need to find a way to get actual sale prices of homes sold in the area and a way  eg feet on the ground to tell you if they are fair comparables.. your offers  and your profits depend on accurate comparables so you can judge  what you are doing... just my thoughts

In Northern NJ, most of the time you need a multifamily to make something profitable

The one other way this could be a profitable investment is if similar properties in the neighbourhood are selling for quite a bit higher. 

And you'll appreciate not getting sued (as often) and having your reputation tarnished by doing bad deals.Having your license is a good idea for one major reason: not getting investigated for unlicensed broker activity.

Final bonus for California investors is prop 13 will ensure minimal property tax increase so as profits and value increase the taxes stay fairly flat.  

Since the house "Needs Major Repair," I am not able to get traditional bank financing and thus would need to borrow from a private lender to show proof of funds.

"The best laid plans of mice and men""Patience is a virtue"First I may suggest to envision your end game, to own a smooth running, cost mitigating and profitable MFB( multi-family-buliding), MRB( multi-residential-building) or could it also be a MUCB ( multi-unit-commercial-building)?