Save up some reserves, create a budget, and stick with it.

But  and should budget for having a lawyer complete?  

Look at your approved budget to see what other expenses are coming up that have not been paid.   

I've budgeted 30-40k for my first purchase and in LA that doesn't get me very far.

These strategies will be broken down to promote the brand and to market to specific target audiences to develop business for our key areas of focus for Real Estate Investing.Branding and Marketing Strategies Online Branding-Website1.Squeeze pages- lead capture sites-Social Media1.Facebook2.LinkedIn3.Google+-SEODirect Marketing-Clipper magazine ad-Small monthly circular mag/paper-We Buy Houses Signage on our building-Car magnetWOM Marketing-Pittsburgh REIA and ACREStrategies -Wholesaling-Rehab/Flip-Supportive Housing-Note Brokering/InvestingTarget Markets -Greater Pittsburgh area in 35mi. radius-Where are our buyers buying, wholesale or otherwiseCosts -What is budget?

Every time there is a budget battle, they scream the loudest, because they are entirely committed to a single funding stream.

Of course if you have only a $10k total rehab, that will typically take a bit longer than just a week, but when you get into the $100k and up rehabs, you want to be at or around $10k weekly.Time is your enemy on renovation flips as every week that goes by increases your holding costs (interest, taxes, insurance, maintenance, utilities, etc.) so when you can get to $10k completed weekly, you are saving money in holding costs.Another couple photos:Another additional item completed but not originally budgeted for was the new front gate, new cement at garage area, new gray fence on driveway and new black top coat on asphalt from street all the way down the driveway.

You should be budgeting for maintenance and capital expenditures.

Up near Everett or Lake Stevens is there I think I'm going to find things in my budget that comply with those rules.

@Brie Schmidt discusses how budgeting could assist you with your $10k effort.Consider reviewing craigslist for your area as a resource to confirm available area rents, as does @Michele Bruce per her podcast.We don't give away fee to PMs for tenant sourcing or screening.You'll need a relationship with your tenant and it should begin before you agree to have them rent your place.Landlord work early in an investing career tends not to be an arms length effort.Be wary of trying to make it so for any stage.Yours is likely not really a question as to what to do with the equity you have in the home but more as to whether you want to be a landlord and whether your market is tenant rich.Good luck.