You'd probably be better off helping your mom sell the house, avoiding capital gains, splitting the profit with her then using that money towards a down payment for the next property. 

It's hard enough as it is to put larger deals and capital together let alone limiting that to the same 10 near-equal partners...and at any level of scale or over extended time periods.I know sponsors who work with small investor databases but it's still clearly a syndication with active and passive roles and equity splits that vary from capital contributions.

We are accountants so we have some knowledge about investing however, we have no capital yet.

@Robert DelVecchio I would also account for vacancy and capital expenses.

And many times they are cheaper houses, where one big capital expenditure easily wipes out most of the income.

Third, you have several options: a) you can consider syndication but it's a bit small for that; b) think about potentially JV'ing with someone who can bring capital; 3) find a debt partner(s) - just pay a private lender a set interest.

Many folks on these forums complain (rightly) about the sky high California prices BUT Cali also enjoys unmatched capital appreciation rates.

I don't have a ton of capital right now, and my wife is nervous about borrowing money even from family.

I am looking to invest in Southern California and have access to around $200k of capital and want to get into properties that need a bit of work.

He has no idea what he is doing, he has no experience and no capital - but he expects to make a fat profit on his first deal.