I'm guessing I should probably pay off the HELOC when I refi and hope I have enough for another down payment..?

It looks like this:BUT, the actual purchase price I will offer is $675,000 not $850,000

It's a great skillset to develop, but is ultimately just another day job.I think one of the best places to start when you are in this learning phase is to get around other investors that are actually doing it.

I would guess both supply and demand will be low

Its actually a really great tool for retirement, but they have a lot of Nuances to them.

In CA, I'm guessing you'll need at least $35-40K. 

@Anthony Bratina I read the responses above and just wanted to provide some clarification in case it was helpful.The actual term "second home" means something specific in lending.  

Not sure what your actual expenses for that will be.However...you mentioned the home is trashed.

I had access to $280k through my HELOC ($130k), savings ($50k), 401k loan ($50k), and a personal loan ($50k).I didn't use the BRRRR method as much as I did work to find off-market deals, buy them cash for under market value, then refinance when I could.I still use this strategy and help other investors do the same since I have a super strong off-market deal flow and can't actually buy them all myself!

Other than some raw land, this will be my first real estate investment.Looking to connect with other investors who would be interested in giving tips on analyzing properties in the area and who are familiar with the market trends.ThanksMattI help folks in that area and Jensen is important to be on the actual East side near the ocean.