Any ideas would be greatly appreciated!!!  

Just throwing out ideas. 

I personally like idea - The biggest challenge with MF prop management is aligning the interest with investors. 

The plan/idea is to take out a home equity loan (according to a Bank Of America online calculator I qualify for a loan of $25.000) and use it as a down payment for investment property.

I am in negotiations now for a property seller financed and can keep you updated on the terms to give you an idea of interest rate, loan payoff ect..... if your interested. 

The idea is to be frugal, mitigate your debt exposure while developing the necessary social and intellectual capital to propel you forward in life. 

The idea of spending money that I would never see again (renting) did not make sense to me.About 2 years after my purchase, I found Bigger Pockets while figuring out how to rent my condo.

Any idea on how I can do a waterfall projection?

@Richard LocklairOne idea is to form an agreement (partnership agreement).

Does anyone have an idea of how much a demo costs in the Los Angeles area?