@Nicolas Dupuis you definitely can use the projected rental income to help you qualify for a higher purchase price when purchasing a multi-family home with a conventional loan.

I’m a brand new investor currently in college and I’m looking to invest in my first rental.

First I start in LA but then can't find anything that makes sense as its highly competitive strong tenant rental control rights, etc.

Perfect for rentals.

Here are a few places to post in search of rent by the room residents:1.Craigslist.2.Facebook Marketplace.3.Zillow (They recently rolled out the room rental listing.)4.

@Paige Seeley - thanks ...the min down payment for a 1 unit rental  property is 15% ...so putting  20% down isnt that much more ....recasting  isnt always  offered for rental properties so you would need to check with lender ....recasting normally has an admin fee of $300-$500 

I have a rental unit that falls under the Los Angeles rent stabilization ordinance.

Avoid lipstick on the pig.Renovations like nice kitchens and bathrooms are great for rental properties, but it is not everything.A property that has been cosmetically renovated, but has no capital improvements is worse than one that has been very well-maintained, but might have older cosmetics.If I walk into a property and I see that the kitchens and bathrooms have been redone, but all the walls are plaster there's no grounding in the electrical and the plumbing has never been updated that I consider it a full gut.It's a shame to pay a premium because of a nice kitchen and bathroom only to find out that you have to rip it all apart.It is usually less expensive to do cosmetic rehab for rentals than capital improvements. 

HI Stephanie,You can always start off by house hacking meaning you live in one UNIT or ROOM and renting out the other vacant units/rooms to offset your monthly mortgage payment.There are several ways to run and make sure you are maximizing your rental income while keeping your living expense as low as possible.

Now I am in need of more capital for my next rental.