I believe my main focus will be on houses that are between 2-3 bedrooms with less than 1500 square feet as I would like to keep as much of the effort "in-house" as possible, as well as keeping purchase prices around $20K and selling prices around $60-80K, with renovation costs at between $10-20K for materials as well as a new roof with a contractor- unless I start putting on my own steel roofs which I can do myself.

Hello Hanna  Yeah, back when I found BP the first thing I did was listening to mostly all f the main Podcast. 

The main issue is finding real deals. 

The main unit (we planned on occupying) is a 3/2 and is the perfect size for our little family. 

The local economy may underperform or if it does well then there may end up being extra supply in the market that keeps a lid on prices.

My main advice is to not use something like legalzoom. 

Mortgage Insurance Premium 586.33 Mortgage 3281 Total Monthly Expenses 5,075.33 Cash-on-Cash Return 26.73744578 Based on the above analysis, here are the key takeaways – 1)The property cash flows - $924/month2)Cash on cash return is 26% which is pretty good in LA I reckon. 3)The main thing I would like to note is the solid Cap Rate of 8.2Scenario 2: The actual scenario with only one rental income since we moved into the front house.

The main issues I have is that I am not familiar with the area nor its real estate market.

Honestly, I'm curious to see what the other, more established and knowledgeable BP members have to saw about the market here in Bend, but I've got some general feedback: Prices have been steadily on the rise for quite a few years now and there was/is a "housing crisis" due to the high demand and low supply.

This is a big undertaking as it may requiring upsizing your current water main or installing a new one,  either of which is expensive.