Fairly new to REI as well but over the course of 2 months have learned so much. 

There are of course people who do it every day but for your first property, it's probably not the best course of action.  

of course, i am going to get multiple coats of poly to finish it off. 

It is super competitive in So Cal and can be hard to stand out.As for the original poster if you want to wholesale that's fine but most "training courses" aren't worth the money they charge.

I don't have real-estate experience, so I would need to learn thru program or on my own crash course on things like: easements, do I need LLC in each state I would buy in, learning to sell on terms (financing), how to close (can I do it myself), how good copy looks for mailings, etc.    

Of course one was an 11 unit that I'd owned for 7 years so it was a little easier. 

Dear Bruce: really depends what is more important to you: (1) potential for appreciation = different questions than; (2) current (once constructed & rented, of course) cash flow = different analysis.

All expenses are paid by the plan and all income flows back into the plan... of course tax-sheltered just as if the income were from gains in the stock market.So if you have expertise and a good network in an asset class such as real estate, private lending, etc., you can use such a plan to invest in what you know. 

If they fail to fit your requirements, you will move on to someone else who can meet your expectations.As long as there is mutual communication, your friendship should be preserved.

@David Bardwell of course I'd to compare notes.