Purchase price 147KListed for 299K, sold for 285 (went under contract for 290 but dropped it another 5K at buyer request after the appraisal just to get out of the deal)Home Depot credit card: 10K (appliances, fixtures and other things we picked out and purchased ourselves rather than having GC use typical builder grade stuff, also husband did some of the work himself so bought his own materials)Brought 40K of our own cash to the closing table, loan total when paid back was 185 (original loan 175 plus 10K in accrued interest, 12 month balloon loan so we did not have to make payments during the rehab, which helped a lot with cash flow, also loan had rehab costs folded in so for the most part we paid our guys out of the loan and not our own pockets)So (numbers are round): 285 sale price - 185 (loan payback) - 40 (cash we brought to closing) - 10 (Home Depot card) - 10 (closing costs) = 40K profitWork done: insulation and vinyl siding (this ate 18K of rehab budget but was unavoidable as cedar shakes were disintegrating), converted to natural gas heat (ducts already in place, changed out electric hot air blower to gas one and gas company ran the gas from the street for free), replaced AC compressor, new water heater, two new bathrooms, replacement windows, new appliances but left the wood cabinets b/c they were in perfect condition and I could not justify painting/replacing them, new kitchen backsplash, removed wall between kitchen and dining room, wood laminate flooring throughout except for new carpet in downstairs den, painted the deck/railings, new garage doors, one new slider, all solid wood interior panel doors, of course fresh paint and new light fixtures throughout.dining roomThere was moisture damage downstairs from bank not winterizing and pipes bursting...thanks, bank.Hauled out enormous old woodstove and broke up ugly old hearth and left good flue for someone to add new pellet or woodstove to if they want to, we figured not everyone wants a woodstove and this way the buyer can decide to add one back if desiredBathroom off downstairs den, chose a walk in shower for variety, hosing off dog or muddy children, disabled access, etc. 

Building is not sub-metered for water and there is no gas.1.

It can be put though the structure as a gas or made into a liquid and sprayed directly on.

That's like driving a 4-door sedan with 500hp under the hood....you can give it some gas when needed and otherwise just cruise down the highway. 

There is a Mortgage Recording Tax of around 2.175%So imagine you buy a property worth $2 Million, put down 20% or $400k.Then you create another lien, say $500k.That will cost you $500k x 2.175% = $10,875.Further, if you really want to make this a valid loan, you would probably create a LLC, fund it the $500k, have it establish the new lien on the property, let it get paid the Interest.Now you will have to pay tax on the Interest and filing fees for the LLC and have a CPA do your Tax Returns.That might be worth it to someone, but to me, it's a little over kill when you can just get an umbrella policy for less than $300 per year that will cover you an additional $2 Million.

have you ever been in sales.. have you ever sold cars... do you know how to qualify present and close do you know how to ask for the order.do you understand the escrow function.. do you realize selling real estate in CA without a license is not legal.. how are you going to get these leads.. if 997 is stretching your budget then your only course of action is bird dog.. talk  pound on doors.. but even that takes time and car and gas money especially in LA..being with limited funds and doing anything real estate related in California is a pretty tall order with a failure rate I suspect at greater than 99%.I think if you want in the industry you should apply and get a job as an assistant to a top producer get PAID to learn .. save your money.. then think about next step.one thing I have seen in my years is starting real estate agents who get on teams work for 3 to 5 years build their confidence and bank account then go out on their own.. many to start their own business in 7 to 10 years.Also if your VERY detailed oriented one other way to be self employed is to start at a mortgage company and learn how to process loans..

Their service providers PNC/Midlands charge $250 for an early payout quote which is only valid for a short time.  

I guess I'm looking for validation that I am on the right path.Anyway, here is my latest deal.

You must honor the leases, if they are indeed valid.

Expenses unique to short term rental:- Utilities (trash, water, sewer, gas, internet, tv)- Cleaning and prep- Consummables (soaps, towels, linens)- Hotel taxes (this depends on your locality)Also, to Rob's point, it is more management intensive than long term rental.