Craftsman Cal Bungalows are one of my absolutely fave architectural styles (I grew up in one, guess I got imprinted), and I've rehabbed quite a few in LA.What interior space will the new rear entrance open into?

Get the interior clean and start showing it (open house style). 

A lot of rentals were being snatched by them and single professionals and families were unable to find suitable rentals.

I think the holding is the part I like of the BRRR style.  

Now regarding your current asset, I have witness many circumstances that have turned regular old CA multi 20 years later to mid level lottery style winnings with redevelopment.

Properties that have 5 or more units.If you are "in the box" (less than 10 loans, stable w2 income, adequate down payment, suitable property) the best approach IMO is a mortgage broker that has a significant portion of their business in the investor segment.

You can share your goals and if you find someone that matches your style and goals, you can hook up and shadow them or assist them.

When you decide to buy & hold, especially with a property that needs rehab, you are making a time-based bet on the ability of that house in that market to provide a suitable return.

The training is awesome like KW, but the commission split is more my style, especially since I work with lots of investors who are always looking for "deals."  

(What kind of rates would be 'good' and what would be 'bad' as far as where the market sits right now).4th : Find a suitable home with a higher ROI (at least 8% is my goal).5th : Purchase said propertyDoes this sound like the right way to go?