If you keep the fluctuation above your profit line then you are going to be looking at a range of IRRs that are all positive. 

My biggest suggestion is go for larger homes.

If it's a larger organization, feel free to inquire about their different staff qualifications.2.

@Dan WhiteThe unique/interesting thing with partnerships that I like is that everything is negotiable.On the most recent Biggerpockets podcast, the guest mentioned starting out as a wholesaler and then bringing a deal to a flipper in exchange for a profit and to be showed how to do a successful flip.

I'm from Northern Cali as well, and I invest exclusively out of state... a lot of the popular turnkey cities don't really work any more, and I work with a lot of California-based OOS investors that have come to me with 1% deals that were plenty cheap but don't net any profit at the end of the year.As the opportunities become limited around the country, us spend-happy Californians need to be prudent about throwing 100k down in markets we're unfamiliar with.Let me know if you'd ever like to link up!

Keep in mind, it is seasonal, short term and you will most likely have to require parents signature and a larger deposit to back up these tenants. 

I have heard of real estate going down in many areas and see it as an opportunity to purchase property at a larger scale.

Hello Guys,If you were about to 1031 exchange a couple of properties and they are about to profit you 100k, what would you 1031 exchange that money into? 

I figure the loss of a months or twos profit is better than legal bills  ;)

Not much concerned about cashflow, just equity and payoff so the home flows almost all profit in another 12+ years.A buddy of mine has an 1200 sqft 3/2 in a decent area with good elem and middle schools and just ok high school.He bought about 10 years ago at 125K.