It's all learning so this is great.As for closing costs, I put $1500 as that's what it recommends on the low side.Do you generally put 10% as a rule of thumb for Vacancy, R&M, CE, and PMFs?  

People say its easy however i do not find it that easy lol.

These a easy to get moved.3)  Will you need to have the meter on the house moved to get the service connection and therefore the pole moved. 

Further, with the hot construction market, your bids will be almost assuredly be exorbitant.I think you already have the right thinking on renting the property out given Berkeley's insane rent control rules.

I wont have an all cash offer and never really used Hard money, but like what they said Get a deal first then funding should be easy to find :)

Next use the 70% rule to determine your allowable cost basis

For easy numbers sake, if I build the houses for $100,000 and they appraise for $150,000, then I will have 33.3% equity in each property. 

However, don't think just because the buyer and seller are lined up the transaction is easy.

I'd be surprised if there weren't a "grandfather clause" allowing you to change your occupancy rules without evicting the existing tenant.

Hi Jane,The rule of thumb, if you want to make money, is that you rent should be 1% of the purchase price.Meaning if you are buying 150K property you want to be able to rent it for $1500.