Not impossible but I think there are better options for youSacramento and lake counties can get you positive cashflows with low entry points and the bonus of 8-15% yearly equity. 

If you make a handsome profit, you can always pay an additional fee at the end of the loan and explain that you wanted to thank the lender with a profit bonus for their belief in you.

What a bonus!!

Now before I go into the actual numbers, I want to provide a disclaimer to anyone who pulled this post up from a specific search regarding pool replastering, that we quoted the pool work during the dead of winter when these contractors were hungry for work...I get the feeling that we got competitive numbers that were probably 30% lower than peek season pricing.With that said, the cost to do a deep clean and freshen up of the pool deck, re-grout all the pool deck joints, repair some tile work, new pool light, demo and re-plaster the entire pool, plus some bonus inlay tiles in all the steps cost us $4,750.

.- Watch the BP webinars, they always give discounts for BP Pro on there plus tons of bonus material.

Sign up /apply for credit cards that offer significant sign up bonuses ($400 - $1500) and convert those sign up bonuses to lowes/HD gift cards.

If you're taxed at 35% between Fed & State, this equates to $3,500 cash back in your pocket.So would you really be looking at a $1,200-$2,000 annual loss...NO, and the appreciation is your bonus for being patient (at a $300k value and with a low inflation equivalent appreciation of 3% that's another $9,000 the first year).To be honest, I have never heard a California investor say they regretted turning their first primary into a rental.

It's an added bonus.

Another bonus, any work you can do while they are living there is less empty time when the unit turns over.We've always met with the tenant on the day the property closed, once we are officially the new owners.

As a bonus, I found a secret safe on the second floor behind a sliding panel!