We were also thinking of getting a HELOC with the equity to use for basement renovations after closing. 

The neighborhoods close to the medical center area are not good neighborhoods.

If you want to be closer to LA, there are some cities close by that are still STR friendly, but they are quickly going away. 

I WILL keep this short.I am 23 years old, me and my Dad have been investing together over the past 4 years in real-estate....we just closed on our first deal which was:275k Home which we bought for 255k......That home is nice but does not cash flow and just pays the mortgage. 

Just pay a $495 fee at closing. 

It may depend on your agreement with the bank, I don't know the specifics of your contract, but I would read it carefully, you may be able to do a bifurcated closing so that you can use your own title company for your side of the transaction.

talk to people who recently closed on similar deals

In these real estate deals you are dealing with 10s of thousands of dollars and when things go wrong on a thin budget is when you see dumpster fires and hear the cautionary tales.Most new investors concentrate solely on the down payment when in reality there's lots of costs: Closing costs, Holding Costs, Utilities Cost, you'll have to lay out money to the contractor for them to start the project, and there's taxes and insurance there's transfer tax title costs.More capital than you think is needed. 

Thanks, JaredHi Jared, realistically how much equity have you built in the last four months since you’ve closed?

@Tracy ScottLike @Wale Lawal alluded to ... the cost to buy a house-hacking property here in Colorado (or anywhere) are really no different than the costs of buying any property, regardless of your use.Upfront-- You've got down payment and closing costs (1-3% of loan amount). -- Inspection (maybe $500) and appraisal ($500-$1,000 depending on market) -- Any furnishings, if you plan to furnish it.