Clearly we would need a period of due diligence if we find something to make sure we can build what we want on it.  

Can't just look short term, have to look long and evaluate if such action(s) are going to help or hurt you. 

Contractors – A Short PrimerFirst, before I begin, let me reiterate that if you’re a first-time flipper you should not be doing anything more than a cosmetic flip for your first time.

So you'll need a few grand in reserve just in case)Also you'll want to have some savings for an emergency.So in short, depending on your area, you could start with as little as 5-10k depending on the price of your property.

I am also listening to the podcast, and will be networking here shortly at one the REI meetings I have signed up for.

Another concern I have is short term rental regulation (possibly?)

Short contracts with 60/40 split.Any interest, or suggestions?

Hello BP,I've finally decided to post a short intro about myself.  

I specialize in homes going into foreclosure and short sales.

This of course does not mean that SoCal REI will continue to appreciate in the short-term, but history shows it is very likely to continue to appreciate in the long term.