-Experience level?

You also do not have to sell to realize that value...you can refinance, pull our your invested capital (and then some on this example), let the property continue to cash flow and use the refinance proceeds for the next deal.I was not necessarily recommending this strategy...just adding onto the BRRRR strategy from your initial post and describing the next level of leverage beyond that strategy since that was your question.

But, that's me.It depends on the level of risk you're willing and able to take.

Do you feel this depends on the experience level of the investors?

My level of quality is high, I stand behind my work, I've been in business over 8 years, its easy to get ahold of me, I'm not going anywhere...That being said, if someone in my area needs a referral of a subcontractor or electrician, plumber, hvac guy...I'd be happy to help if I can.  

I work with properties that easily bring in $800/month if you are paying cash (at way lower prices than SoCal) and then if you are using leveraging, it wouldn't take many properties to hit that level. if you want to PM me, happy to do some math with you!

But, even more importantly know your limits stay within your means and comfort level at first don't take on to big of a project and get overwhelmed.

I will be looking for entry level under 5 units in the next year and will be looking to get into apartments within the next few years.

The rule of thumb is 50% of rent will go to expenses NOT including debit service.

Bedrooms aren't horribly small - both units are split level units, so it looks bigger :)