As you build your portfolio (you have to buy #1 before you buy #2) your income will increase, your net worth will increase, and there are always options to refi and take some cash out of performing investments to help secure the next deal. 

You will find that increasing the purchase price doesn't result in an increase in rental rates.  

Good call on the money going down the drain while paying rent.Lakewood is a popular city and rental demand is very high, rents are increasing rapidly.Good luck!

My strategy would be buy, remodel, rent and hold rather than flip them - looking at the cash flow instead of depending on appreciation.It would be difficult to manage a purchase of a property from a broad and tenancy agreement, but even more difficult to manage a remodel!  

Does anyone know if the market in San Bernadino is increasing or declining?

Once certain terms of the note are changed such as maturity date, balance or an increase in payment the modification is considered a new extension of credit and is subject to certain regulations which govern the extension of credit.- The creation of a new "note" would mean the satisfaction and release of the prior security instrument.  

No banks + carrying + equity cash out is a difficult mix.

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I saw earlier in one of the forums that it was difficult to get an FHA loan when you own a single family and want to move into a multifamily.

The rates are higher still but as you increase your investor maturity profile and have multiple SFR's you most likely may end up getting a portfolio loan.