Building up a real estate empire is a fantastic idea in theory, but in practice unless you're incredibly lucky, you'll be better off putting it in some sort of truly passive investment, like Redfin stock.I believe MOST people here do not realize how problematic real estate investing can be, the degree to which luck plays, how little is truly within one's control, and how inefficient and illiquid the real estate market is. 

I plan to ask the seller to complete the repairs in the pest report and the home inspection (estimates around 10k), and I'll take care of the remodeling and get it up to rentability...likely 10k there as well.

It's things like sprinklers, fire control panels, widening stairways & out of code fire escapes.

I am on the very brink of leaving my day job to do full time real estate investing and am owning/controlling 67 units having started less than three years ago. 

I like Vegas for a few reasons personally even though there is NO turn key there1. desert air.. maintenance is minimall NO hail  no shifting foundations and no sky rocketing property tax's  ( as oppossed to Texas were all this is common place.. sky high property tax's  shifting foundations Hail ( new roofs think of your deductible)  etc etc.but there are plenty of markets out there.. as much as anything is about PM but if your in CA and in Oakland I think another good play is parts of Richmond that don't have any rent control. find those..

To learn more about UDFI, see the following. https://www.irs.gov/irm/part7/irm_07-027-008.htmlFollowing are the similarities and differences between the solo 401k and the self-directed IRA.The Self-Directed IRA and Solo 401k SimilaritiesBoth were created by congress for individuals to save for retirement;Both may be invested in alternative investments such as real estate, precious metals tax liens, promissory notes, private company shares, and stocks and mutual funds, to name a few;Both allow for Roth contributions;Both are subject to prohibited transaction rules;Both are subject to federal taxes at time of distribution;Both allow for checkbook control for placing alternative investments;Both may be invested in annuities;Both are protected from creditors;Both allow for nondeductible contributions;Both are prohibited from investing in assets listed under I.R.C. 408(m); andNeither may be invested in your own business.  

Also, paying the credit card off is of no use if you don't control your spending.  

Hi Investor, I am a new Landlord/Homeowner in Los Angeles and have purchased property that is rent controlled.

You have different levels of control over the different parts.   

As any typical 20 year old I don't like to be told what to do throughout the day, I want to have control over the money I make and have the satisfaction of knowing "I did that".