Drawing from the lessons learned in my firsthand experience, here is a fairly comprehensive guide for first-time home builders.In the early stages, a significant oversight became apparent: the gross underestimation of the total funds needed.

You may find that collectively (as a household) you may end up with a bigger tax bill/smaller refund when you file separately vs when you filing jointly.

@Caroline Gerardo Thank you so much for the comprehensive advice!

So I started "questioning" them on their education and a comprehensive understanding of things such as certain aspects of renovating a property, or keeping track of expenses to come up with how to calculate reserves, what to do with problem tenants.My thesis is correct, all of these guru trainings are like an introductory course you could take at a college and they have ZERO meat to the bone.

Know how you plan to handle the property in the future, whether it's selling, refinancing, or leveraging the equity for additional investments.Consult Professionals: It's advisable to consult with real estate professionals, financial advisors, and possibly a real estate attorney to get a comprehensive understanding of the local market and ensure that your financial strategy aligns with your goals.Given the unique challenges and opportunities in the Los Angeles real estate market, staying informed, conducting thorough research, and seeking professional advice will help you make an informed decision.

Two adults means more household income which I find is safer if one loses their job.

A quitclaim deed provides minimal protection, while a warranty deed offers more comprehensive assurances.A quitclaim deed transfers whatever interest the grantor (seller) may have in the property to the grantee (buyer).

This risk underscores the importance of conducting comprehensive due diligence before making an offer.Purchasing a HUD property offers both advantages and challenges.

First and foremost, creating a legally sound structure, such as an LLC, and developing a comprehensive operating agreement is crucial to defining ownership rights, responsibilities, and exit strategies.

Redfin offers comprehensive data and reports with unique insights like demographics, commute times, and school ratings and Realtor.com is excellent for filtering by specific criteria like market, property type, and budget.