So I checked out the income for the previous 3 years, subtracted their 45% and then simply deducted my carrying costs from the remainder and it was a number I was happy with.

(Oh, ha ha, I forgot to mention the 'College of Hard Knowledge' where I learn from actual mistakes; avoid that if you can).However, as has been mentioned here a zillion times, the _fundamentals_ of succesful real estate investing are really really simple!

Apparently the previous landlord didn't obtain occupancy permits for 3-4 years, so the building defaulted to SFH usage.

Spending too much on an initial operating agreement can be a waste as you may never find an investor to use it with OR that investor may want the contract to be re-worked with changes.My suggestion, and what I've previously done, is basically sit down for a week and do your best to construct your own contract.

It's kinda like college now....only with money this time.

I started investing in college like you, and once you learn the business, you can avoid the boring cubicle forever.

A mini-storage in this case.

Realtors can only help, if the sellers want it, is what I was getting at if the previous post.

As previously mentioned, the real estate license classes won't help you much with real life transactions.It will however, allow access to the MLS, and to some other local associations.

If you plan on holding the property for 5 years, and renting it, then yo should be fine, but it sounds like you are after a quick-flip, and that would be extremely difficult.If you buy, and then re-sell within 90 days, then almost no appraiser in CA is going to appraise the property for anything above the previous sale price, unless you can provide proof of funds that went toward repairs or improvements.