And it could take months and you better triple check your comps. 

@Ned Carey buying below market is a distant memory in my area as the number of flippers has tripled over the last couple of years 

There are also numerous real-estate asset classes (multifamily, office, retail, medical buildings, self storage, triple net less)  and strategies...and this also causes projected returns to vary from deal to deal.

I have read that Joshua Tree is saturated / unprofitable - so I'd triple check your plan.

Tripled down baby!

@Jonathan Chan Yes,RE investing can be passive.Learn about triple net leasing RE to operating companies or management firms.

He has a lot of experience with commercial and triple n leases. 

The shutters make no sense on doubled or tripled windows.

If you think it will take you 3 months but it takes 9, the holding costs and over runs can triple your expenses.

After first year they can triple net lease the property with no need to have hospitality management skills while still getting massive cost segregation benefits to offset W-2 or business income.