I am meaning $50 for the supplies only not the work.

If you contact me I'll be glad to supply you with references.

Rather than approach it with a "build from there" mindset, write out a 5yr-7yr plan and start working backwards.Also, at those level you have to start thinking syndication and SEC regulations, if not already.Good Luck!

That is how I was taught and am still doing while building up to larger assets.You also have significantly more supply of properties to choose from and can use the government backed loans initially to get started.

For all you bears, consider this: the real estate market in 2008 is less regulated than it is today, and barriers of entry as an investor or homeowner are higher than before. 

They will also make sure that your contract complies with local laws and regulations.  

The market isn't in balance from a supply/demand perspective, so it's not dissimilar from the jobs market today.  

So my feeling is that there will not a major correction nationally like in 08, but local markets may shift based on supply and demand, just like they always have.   

UNLESS you personally live in that property, you are operating a ROOMING facility and come under the State regulations for Hotels / Motels ....IMO, think again.

Except in the case of a single-family residence or where the service is supplied by direct and independently-metered utility connections to the dwelling unit, supply running water and reasonable amounts of hot water at all times and reasonable heat.