Financially speaking, I'm still saving, but the goal is 50k saved up (all costs: closing, fees, down payment, portion of rehabbing costs) by this summer with my fathers help on the cash all while I continuously save 50-80% of my work checks to fund for rehabbing this property and I work off my second job and "survive off of that."

Let's assume you don't take a loan.Purchase Price: $1,299,999Closing Costs: $25,000Renovate unit: $35,000Build 2 ADUs: $250,000TOTAL: $1,601,000The cashflow calculation looks like this:Gross existing rent: $5,600Gross rent from 4th unit: $2,500Gross rent from ADUs: $3,000TOTAL GROSS RENT: $11,10020% Expense Ratio: -$2,220Property tax: -$1,354TOTAL EXPENSES: -$3,574NET CASHFLOW: $7,526So, about 3/4 of your $2M budget gets you to about 3/4 of your $10,000/month goal.

Condition of a property and the cost to repair is just one of the risks in this business and you have to consider that in your buy price. 

Very little out of pocket cost. 

Food cost, Insurance cost, Drinking cost, eating out cost are all going up.  

They'll both come with MI, but with FHA, you MUST refi in order to drop it, which will cost you an additional $5-10K and who knows where interest rates will be when that day comes, so it could be cost prohibitive to do so. 

We need to discuss with a real estate attorney or a broker who is experienced in this, to identify the minimal set of applications and setup needed for this.

However, for every other year you will be paying these costs or at least needing to budget for them, and they will likely take away all of your margin.  

If an emergency happens, why not look into getting a line of credit set up now, so you have access to that money? 

Let’s see some of those “uh-oh” moments.DIY Disasters: Tried to do something yourself to save money but ended up costing more?