You would find a deal and then put it under contract, stating a closing date of sometime in the near future, then you would find a buyer for that property they would give you a contract on the property for the same closing date.  

Unless your 9-5 career will be over anytime in foreseen future you are looking for something to do.

So, for example, if I wanted to make it as simple as possible meaning no balloon and no down, would this situation make sense:I purchase at $38000I set repayment period at 5 years based on a 50k future assumed price.I set an interest rate of 10 percent (these are all just hypothetical mind you)50/5 = 10k a year in payments from tenant10k @10 percent interest makes it 11k a year in payment11k/12 months = 917 a month So after 5 years, the house is theirs and I have made 17k (minus associated costs).

@Kelly A. prop 10 is so bad on so many fronts for landlords and future tenants that I cannot even comprehend all of the ramifications.  

In your opinion would it be a better strategy to invest passively in a market like Brooklyn which is appreciating very rapidly average returns of 10-20% cash on cash.Or to invest in low income neighborhoods in Philadelphia and buy 2 family houses making around 20%-30% but not much future growth.I like the idea of building my own portfolio but I have limited access to capital and I don’t want to have a lot of partners to worry about.Any insight would be greatly appreciated.Heshie

I would like my CapEx number and repairs estimates to be a bit more concise in the future.. atleast not a percentage of gross income but rather a hard estimated number I'd allocate on a consistent basis.

It sounds like you started with no money out of pocket, so by selling, you could pay back the investor, helping solidify that relationship for future deals, and will also hopefully have some cash in hand to allow you to go after the next project potentially on your own.

I may consider in the future if vacancy rates are low and in B Class neighborhoods. 

I am going to try direct mail marketing in the near future.

I do plan on adding some of our income over time to future projects.