That $50K rehab should be adding at least $50K in value you to house, but let's say the market is really bad and the rehab you did wasn't so much value add.

Rents in the area are anywhere from $1k-$1300 a month.My plan was to get a hard money loan to get it going and fixed up and ready for tenants, then within about 6-7 months refinance the home with a traditional lender, then sit with that home for awhile until I get fully comfortable with the one house.

Does that automatically disqualify them from being good tenants that would pay the rent on time & not destroy the house?

The house was out of state. 

I'm invested in a property near the Grove that's executing that business plan now.At a simpler level, that might mean buying a house with a garage, converting the garage into an ADU, and renting out the ADU.I think a super solid first step to get into the LA market is to househack a home or a multifamily.

Selling a house and agreed to terms with a buyer *pending inspection report*.

I haven't had anyone jump up and down for something we have in our lake house.

Real Estate Investors can play ahead of the game by learning about 1) Real Estate (of course), but not the basic stuff....all the tricks that can make you stay one step ahead of your competition. and 2) Construction - How a house is built and how to fix, remodel and add value.So for #1, you can just make this forum an addiction.

My interest in real estate investing started from reading books and listening to podcasts, which got my thinking about exploring house hacking as my first venture.

Being that I work in education, and I am starting from nothing (with some shared debt), I am looking at a house hack.