We have a 10x10 backyard, and were thinking leave about 3-4 ft in the back for just putting HVAC system and such.

What Would You Do If Your Tenant Lost Their Job and Won't Leave?

I can rent my room as "semi-furnished" and leave my bed there.

The Loan Estimate will not have number line items as found on the GFE, this will leave three main categories under Loan Costs: Origination Charges, Services That You Cannot Shop For, and Services You Can Shop For.

Its good to start and build up some capital but if you are going to be doing this full time you will want to develop relationships with contractors/electricians/plumbers.I usually do the big stuff my self electric/plumbing/hvac and leave the labor intensive stuff to others carpentry/drywall.  

I am doing a cash out refinance (leaving 25%) to buy two more houses in california.

Or just leave it.My payment (including prop tax and PMI) is about $1,525.

You leave again saying "next"!

Along with another big point is PM the lower value asset class's are High touch and PM is critical and as most PM companies grow they soon learn that these types of properties are not profitable for them to manage because of the extra work involved so I see the better PM's moving up in asset class's and leaving these types of homes behind...Its not that you can't get lucky and I am sure locals in Memphis think this is nuts but they also source there deals so what they get for 50k may not be what someone from CA can get the same home for in the same condition.My real experience came when I learned  as a lender in possession of a multitude of Memphis properties ...

I would assume that the major work could be completed in those 6 months and leave me to do other upgrades once livable.