.)- Property details/descriptions on these sites are somewhat conflicting & incomplete, as is usually the case, hence the reason for an early walk-thru appointment- Asking price $360,000- Fairly nice area, near a lake; homes appear well maintained from pictures- All homes with at least 1 bedroom potentially 2 (conflicting info) and 1 bath, basements (2 finished 2 not), and renovated in 2007- 2 homes with month to month leases, 2 with leases expiring mid Nov. 2017Financing:- We have access to about $50,000 cash total for a down payment, immediate repairs, closing costs/process fees- Homes currently rent out for a total of $3,560 a month- Estimated monthly expenses (below)Current Steps/Questions:It is these first steps that kind of go under the radar when people talk about investing in real estate.

For rentals I am investing and planning to invest as much as possible where I live in the Salt Lake City area.

We recently completed a lake house flip in the greater Indianapolis area and I am looking for suggestions for creative ways to market a higher end home.

If I remember correctly China lake is out your way...I assume you are or were in the Navy?  

There is a location where like minded investors gather in Lake Forest, California every month that you should check out.If you would like to chat before then and talk about investing let me know.

Cedar Lake, Crown Point, Griffith, Gary, Lowell, Highland, and Munster could be included to give a better idea. 

Then down the road split up the property which includes a beautiful lake, tear down the old house, and sell it off as high end lots with a private lake.  

@Kevin Knox I think a duplex or a triplex for $400k in a place like Lake Worth could be something very achievable for you, you might be able to find one even for a little less if you are not comfortbale with that price point.

There is a location where like minded investors gather in Lake Forest, California every month that you should check out.If you would like to chat before then and talk about investing let me know.

I see a few solutions though, 1) You already have a ton of cash stashed and don't need banks or2) You have relatives or friends who will finance your projects or3) You understand Hard Money and how it works or4) You will be partnering and doing Joint Ventures or5) You will be doing Subject To, so you don't need banks or6) You have one amazing printing press that spits out $100 bills like candy (I don't recommend this one)And, by the way, Phoenix, Mesa, Salt Lake, Austin and a whole bunch of other places are better places to invest for safety and return than SoCal right now.