For example, let's say you have a pretty basic cosmetic rehab project.

I have also found a guy in California that will buy the property and land for $1.7 if I were to fix it up so basically I need advice on the funding strategy I should take.

The latter half of this document you should utilize the principles involved in the second part of your question – how "could" this property be doing?

Got stuck in those loans and basically lost everything.

If it's a decent sized multifamily and if you haven't raised the rent 50% in the past three years, but basically maintained them then I would probably use some equity to buy another well cash flowing property.

None of my properties do, and the capital tied up in them continues to perform just fine.That said, it's more difficult to find a property locally where the free cash flow is better than, say, the dividend income thrown off by investing in a Blue Chip dividend mutual fund.If you're looking at small Multifamily properties locally and want a first pass "rule," I suggest using a GRM target of 12-14 as a first screen, assuming you're looking for a property that will throw off free cash flow with a 70% leveraged mortgage.If you want to more than basic long term buy it and hold it, you can do it.  

No fuss, no muss.BPers are so caught up in the super high level complex and difficult stuff, I feel like you guys sometimes forget the basics.

Took a weekend course and learned some basics, and bought my first property a month later in March.  

I typically see seller to provide a basic owner's title policy.

Basically, the property has to be habitable and safe.Section 8 often covers all of the rent, but in some areas where they only cover a portion of it, it all boils down to the quality of the tenant and their past payment history.