I have been heavily considering the Big Bear area for reference.

Notwithstanding the provisions of chapter 543B, all rental deposits may be held in a trust account, which may be a common trust account and which may be an interest-bearing account.

Nevertheless lessons are learnt and move forward bearing it in mind.

In contrast, 80 cents on the dollar in a market bearing 80K home prices, most will pass if not all.

Another roofer has suggested using the load bearing portions of the home to build a 2nd roof on top of this one and says it would not cause more stress to the existing roof/rafters and this is a good solution rather than tearing off the old roof.

Does "first property" even have any bearing?

Moving a non-bearing wall to make a hallway upstairs (so you don't have to walk through 1 bedroom to get to another)= 2K. 

Just make sure you didn't over promise them what the market will actually bear. 

Some are bulls on overall home values, some are overall bears, but all agree that builders are skittish AF when it comes to getting spooked by rates (they build on borrowed adjustable rate debt, and they don't get the 7 or 10 year fixed intro period consumers get, it's typically adjustable right away, so rising rates makes it impossible to build out a spreadsheet projecting your costs, telling your investors what to expect and when, etc). 

Read through the following pros and cons to learn more about what you’re diving into.BRRRR Strategy ProsAny investing strategy will promise certain advantages while bearing some level of risk, and the BRRRR method is no exception.