This holds up the second floor living room,- I'm not sure if the first floor back bedroom is legal and seems to have no foundation but is built wood on soil!

This you can tap into equity and hold onto them.

You may want to build in pool rules into the lease (ie. no renting out, max. number of guests in pool or no guests, etc.).I would also speak to your attorney about building into your lease terms that would push the Liability on to the Tenant (ie Hold Harmless & Indemnification, etc...). 

You can use a Land Trust to hold properties in California without paying the $800 fee or check into a Wyoming type LLC that does the same thing.Good Investing...

Reduce more or sell, Why hold a prop for breakeven or 100- 200 a month ? 

So keep that in mind if your exit strategy is buy and hold. 

When I buy a property to hold I look more at cashflow than I do ARV compared to this situation where I am more focused on the resale value and less on the cash flow.

My buddy is running the numbers on his first deal below-- Purchase price: $180k- Estimated rehab cost: $90k-Holding costs + Closing Costs: $66kWhat do you experienced fix n flippers think?

I think we are holding off for now, the timing is a little bad, but may continue looking into mountain cabins.

@Dylan Johnson, is correct that there is no statutory holding period.