Hosting a session on this topic would be greatly appreciated at our Austin Real Estate Investment Meetup.

He has experience setting up syndications, but past that if you're planning to make moves in California getting started with him or anyone at Cox Castle plugs you into one of the hardest hitting real estate law firms in California with highly experienced lawyers in construction issues, contracts, financing, work outs, land use, multifamily/commercial purchase and sale etc. 

You can also join a free session on Saturdays that teaches about entities and taxes.Anderson Business AdvisorsClint Coons Toby Mathis---The Tax Guy

Interesting seems like a tricky strategy for a first investment but could certainly work out if done adeptly.

I try not to mix friends/family and business, history usually proves it doesn't work out.

Being a first-time builder is much more harrowing than being a first-time buyer, but with the right builder it could really work out for you.

@Christopher BenedictHow’d it work out for you

Even if you're not making much profit at the start because you're investing in a better area, it should work out fine.If you're losing $100-200 per month but have a stable job, you should be okay.Most people get rich with real estate through property value appreciation rather than cashflow.If you're comfortable living with roommates, you can purchase a house in a good area you like and rent out spare rooms.

I am thinking I will start by targeting Arnold/Imperial and work out from there if necessary, probably west toward Murphy/High Ridge/House Springs before moving south.

I tried self managing my first year, it didn't work out great as I rushed and rented to the first person I found.