Real Estate Investing: Rentals, House Hacks and Deal Analysis
A full-year course in investing in single-family homes and small multifamily the careful way — markets and comparables, the deal math of rentals, house hacks, BRRRR and flips, financing, landlording, taxes and building a portfolio slowly — with every lesson worked in the free School Launch Deal Analyzer and on paper.
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What to cover
50 of 50 lessons are MUST COVER. They are tested on the unit tests and exams, or are skills the SAT/ACT relies on. OPTIONAL lessons are enrichment. Do them if time allows. The course is complete when the MUST COVER lessons are done.
Unit 1: The Investor’s Foundations
- MUST COVER 1.1 Why Rental Property: The Four Ways Real Estate Pays · exam
- MUST COVER 1.2 Leverage, Risk and the Borrower’s Burden · exam
- MUST COVER 1.3 The Strategy Map: Buy-and-Hold, House Hack, BRRRR, Flip and Short-Term Rental · exam
- MUST COVER 1.4 Goals and Enough: How Many Doors, How Much Income · exam
- MUST COVER 1.5 The Investor’s Team · exam
Unit 2: Markets, Neighborhoods and Comparables
- MUST COVER 2.1 Choosing a Market: Jobs, People and Price-to-Rent · exam
- MUST COVER 2.2 Reading a Neighborhood: Property Classes and Tenant Demand · exam
- MUST COVER 2.3 Rent Comps: What Will It Really Rent For? · exam
- MUST COVER 2.4 Sale Comps and After-Repair Value · exam
- MUST COVER 2.5 Landlord–Tenant Law Differs by State · exam
Unit 3: Analyzing a Rental Deal
- MUST COVER 3.1 Income: Rent, Other Income and Vacancy · exam
- MUST COVER 3.2 Expenses: The Full List, CapEx and Reserves · exam
- MUST COVER 3.3 NOI, Cash Flow, Cap Rate and Cash-on-Cash · exam
- MUST COVER 3.4 Rules of Thumb and Their Limits: 1%, 50% and 70% · exam
- MUST COVER 3.5 The Full Deal Worksheet and the Stress Test · exam
Unit 4: Financing the Small Investor
- MUST COVER 4.1 Investment-Property Loans: Down Payments, Reserves and Qualifying · exam
- MUST COVER 4.2 Owner-Occupant Loans on One to Four Units · exam
- MUST COVER 4.3 DSCR Loans, Portfolio Lenders and Local Banks · exam
- MUST COVER 4.4 Seller Financing, Private Money and Hard Money · exam
- MUST COVER 4.5 Refinancing, HELOCs and the Cost of Money · exam
Unit 5: House Hacking and Small Multifamily
- MUST COVER 5.1 House Hacking: Living for Less While You Learn · exam
- MUST COVER 5.2 Rent-by-the-Room and the Live-In Flip · exam
- MUST COVER 5.3 Duplexes, Triplexes and Fourplexes · exam
- MUST COVER 5.4 Five Units and Up: When Multifamily Becomes Commercial · exam
- MUST COVER 5.5 Accessory Dwelling Units and Adding Value with Zoning · exam
Unit 6: BRRRR and Value-Add
- MUST COVER 6.1 Finding Deals: On-Market, Off-Market and Honest Outreach · exam
- MUST COVER 6.2 Scoping and Estimating the Rehab · exam
- MUST COVER 6.3 Managing Contractors, Permits and the Budget · exam
- MUST COVER 6.4 The Refinance: Appraisals, Seasoning and Cash Left In · exam
- MUST COVER 6.5 Repeat? The Risks of BRRRR · exam
Unit 7: Flips, Short-Term and Mid-Term Rentals
- MUST COVER 7.1 Fix-and-Flip Math: ARV, Holding Costs and Profit · exam
- MUST COVER 7.2 Running a Flip: Timeline, Risk and Exit · exam
- MUST COVER 7.3 Short-Term Rentals: Revenue, Occupancy and Rules · exam
- MUST COVER 7.4 Mid-Term Rentals and Furnished Housing · exam
- MUST COVER 7.5 One House, Five Strategies · exam
Unit 8: Landlording and Property Management
- MUST COVER 8.1 Fair Housing and Tenant Screening · exam
- MUST COVER 8.2 Leases, Deposits and Move-In · exam
- MUST COVER 8.3 Maintenance, Turnovers and Capital Projects · exam
- MUST COVER 8.4 Rent Collection, Hard Conversations and Eviction as a Last Resort · exam
- MUST COVER 8.5 Self-Manage or Hire a Manager · exam
Unit 9: Taxes, Insurance and Protection
- MUST COVER 9.1 Depreciation and the Rental Tax Return · exam
- MUST COVER 9.2 Selling: Capital Gains, Recapture and the Home-Sale Exclusion · exam
- MUST COVER 9.3 The 1031 Exchange · exam
- MUST COVER 9.4 Insurance, Umbrellas and LLCs · exam
- MUST COVER 9.5 Bookkeeping for Landlords · exam
Unit 10: Building a Portfolio and the Capstone
- MUST COVER 10.1 Scaling: Reserves, Pacing and the Next Door · exam
- MUST COVER 10.2 Partners, Private Investors and Doing It Honestly · exam
- MUST COVER 10.3 Paying Off Debt or Growing: Two Paths to a Paid-Off Portfolio · exam
- MUST COVER 10.4 Hard Lessons: Case Studies of Deals Gone Wrong · exam
- MUST COVER 10.5 Capstone: Analyze, Defend and Present a Real Deal · exam
36-week pacing calendar
From the course’s own 33-week pacing guide, with catch-up and review weeks added to fill a 36-week (180-day) year.
| Week | Plan | Done | Notes |
|---|---|---|---|
| Wk 1 | Day 1: Lesson 1.1 Why Rental Property: The Four Ways Real Estate Pays: video, teaching and worked examples Day 2: Lesson 1.1: project and notebook Day 3: Lesson 1.1: practice set and corrections Day 4: Lesson 1.2 Leverage, Risk and the Borrower’s Burden: video, teaching and worked examples Day 5: Lesson 1.2: project and notebook | ||
| Wk 2 | Day 1: Lesson 1.2: practice set and corrections Day 2: Lesson 1.3 The Strategy Map: Buy-and-Hold, House Hack, BRRRR, Flip and Short-Term Rental: video, teaching and worked examples Day 3: Lesson 1.3: project and notebook Day 4: Lesson 1.3: practice set and corrections Day 5: Lesson 1.4 Goals and Enough: How Many Doors, How Much Income: video, teaching and worked examples | ||
| Wk 3 | Day 1: Lesson 1.4: project and notebook Day 2: Lesson 1.4: practice set and corrections Day 3: Lesson 1.5 The Investor’s Team: video, teaching and worked examples Day 4: Lesson 1.5: project and notebook Day 5: Lesson 1.5: practice set and corrections | ||
| Wk 4 | Day 1: Unit 1 test Day 2: Lesson 2.1 Choosing a Market: Jobs, People and Price-to-Rent: video, teaching and worked examples Day 3: Lesson 2.1: project and notebook Day 4: Lesson 2.1: practice set and corrections Day 5: Lesson 2.2 Reading a Neighborhood: Property Classes and Tenant Demand: video, teaching and worked examples | ||
| Wk 5 | Day 1: Lesson 2.2: project and notebook Day 2: Lesson 2.2: practice set and corrections Day 3: Lesson 2.3 Rent Comps: What Will It Really Rent For?: video, teaching and worked examples Day 4: Lesson 2.3: project and notebook Day 5: Lesson 2.3: practice set and corrections | ||
| Wk 6 | Day 1: Lesson 2.4 Sale Comps and After-Repair Value: video, teaching and worked examples Day 2: Lesson 2.4: project and notebook Day 3: Lesson 2.4: practice set and corrections Day 4: Lesson 2.5 Landlord–Tenant Law Differs by State: video, teaching and worked examples Day 5: Lesson 2.5: project and notebook | ||
| Wk 7 | Day 1: Lesson 2.5: practice set and corrections Day 2: Unit 2 test Day 3: Lesson 3.1 Income: Rent, Other Income and Vacancy: video, teaching and worked examples Day 4: Lesson 3.1: project and notebook Day 5: Lesson 3.1: practice set and corrections | ||
| Wk 8 | Day 1: Lesson 3.2 Expenses: The Full List, CapEx and Reserves: video, teaching and worked examples Day 2: Lesson 3.2: project and notebook Day 3: Lesson 3.2: practice set and corrections Day 4: Lesson 3.3 NOI, Cash Flow, Cap Rate and Cash-on-Cash: video, teaching and worked examples Day 5: Lesson 3.3: project and notebook | ||
| Wk 9 | Day 1: Lesson 3.3: practice set and corrections Day 2: Lesson 3.4 Rules of Thumb and Their Limits: 1%, 50% and 70%: video, teaching and worked examples Day 3: Lesson 3.4: project and notebook Day 4: Lesson 3.4: practice set and corrections Day 5: Lesson 3.5 The Full Deal Worksheet and the Stress Test: video, teaching and worked examples | ||
| Wk 10 | Day 1: Lesson 3.5: project and notebook Day 2: Lesson 3.5: practice set and corrections Day 3: Unit 3 test Day 4: Lesson 4.1 Investment-Property Loans: Down Payments, Reserves and Qualifying: video, teaching and worked examples Day 5: Lesson 4.1: project and notebook | ||
| Wk 11 | Day 1: Lesson 4.1: practice set and corrections Day 2: Lesson 4.2 Owner-Occupant Loans on One to Four Units: video, teaching and worked examples Day 3: Lesson 4.2: project and notebook Day 4: Lesson 4.2: practice set and corrections Day 5: Lesson 4.3 DSCR Loans, Portfolio Lenders and Local Banks: video, teaching and worked examples | ||
| Wk 12 | Day 1: Lesson 4.3: project and notebook Day 2: Lesson 4.3: practice set and corrections Day 3: Lesson 4.4 Seller Financing, Private Money and Hard Money: video, teaching and worked examples Day 4: Lesson 4.4: project and notebook Day 5: Lesson 4.4: practice set and corrections | ||
| Wk 13 | Day 1: Lesson 4.5 Refinancing, HELOCs and the Cost of Money: video, teaching and worked examples Day 2: Lesson 4.5: project and notebook Day 3: Lesson 4.5: practice set and corrections Day 4: Unit 4 test Day 5: Lesson 5.1 House Hacking: Living for Less While You Learn: video, teaching and worked examples | ||
| Wk 14 | Day 1: Lesson 5.1: project and notebook Day 2: Lesson 5.1: practice set and corrections Day 3: Lesson 5.2 Rent-by-the-Room and the Live-In Flip: video, teaching and worked examples Day 4: Lesson 5.2: project and notebook Day 5: Lesson 5.2: practice set and corrections | ||
| Wk 15 | Day 1: Lesson 5.3 Duplexes, Triplexes and Fourplexes: video, teaching and worked examples Day 2: Lesson 5.3: project and notebook Day 3: Lesson 5.3: practice set and corrections Day 4: Lesson 5.4 Five Units and Up: When Multifamily Becomes Commercial: video, teaching and worked examples Day 5: Lesson 5.4: project and notebook | ||
| Wk 16 | Day 1: Lesson 5.4: practice set and corrections Day 2: Lesson 5.5 Accessory Dwelling Units and Adding Value with Zoning: video, teaching and worked examples Day 3: Lesson 5.5: project and notebook Day 4: Lesson 5.5: practice set and corrections Day 5: Unit 5 test | ||
| Wk 17 | Catch-up and review week (no new lessons) | ||
| Wk 18 | Day 1: Review day for the midterm Day 2: Midterm exam (50 questions, 90 minutes, one sitting) Day 3: Lesson 6.1 Finding Deals: On-Market, Off-Market and Honest Outreach: video, teaching and worked examples Day 4: Lesson 6.1: project and notebook Day 5: Lesson 6.1: practice set and corrections | ||
| Wk 19 | Day 1: Lesson 6.2 Scoping and Estimating the Rehab: video, teaching and worked examples Day 2: Lesson 6.2: project and notebook Day 3: Lesson 6.2: practice set and corrections Day 4: Lesson 6.3 Managing Contractors, Permits and the Budget: video, teaching and worked examples Day 5: Lesson 6.3: project and notebook | ||
| Wk 20 | Day 1: Lesson 6.3: practice set and corrections Day 2: Lesson 6.4 The Refinance: Appraisals, Seasoning and Cash Left In: video, teaching and worked examples Day 3: Lesson 6.4: project and notebook Day 4: Lesson 6.4: practice set and corrections Day 5: Lesson 6.5 Repeat? The Risks of BRRRR: video, teaching and worked examples | ||
| Wk 21 | Day 1: Lesson 6.5: project and notebook Day 2: Lesson 6.5: practice set and corrections Day 3: Unit 6 test Day 4: Lesson 7.1 Fix-and-Flip Math: ARV, Holding Costs and Profit: video, teaching and worked examples Day 5: Lesson 7.1: project and notebook | ||
| Wk 22 | Day 1: Lesson 7.1: practice set and corrections Day 2: Lesson 7.2 Running a Flip: Timeline, Risk and Exit: video, teaching and worked examples Day 3: Lesson 7.2: project and notebook Day 4: Lesson 7.2: practice set and corrections Day 5: Lesson 7.3 Short-Term Rentals: Revenue, Occupancy and Rules: video, teaching and worked examples | ||
| Wk 23 | Day 1: Lesson 7.3: project and notebook Day 2: Lesson 7.3: practice set and corrections Day 3: Lesson 7.4 Mid-Term Rentals and Furnished Housing: video, teaching and worked examples Day 4: Lesson 7.4: project and notebook Day 5: Lesson 7.4: practice set and corrections | ||
| Wk 24 | Day 1: Lesson 7.5 One House, Five Strategies: video, teaching and worked examples Day 2: Lesson 7.5: project and notebook Day 3: Lesson 7.5: practice set and corrections Day 4: Unit 7 test Day 5: Lesson 8.1 Fair Housing and Tenant Screening: video, teaching and worked examples | ||
| Wk 25 | Day 1: Lesson 8.1: project and notebook Day 2: Lesson 8.1: practice set and corrections Day 3: Lesson 8.2 Leases, Deposits and Move-In: video, teaching and worked examples Day 4: Lesson 8.2: project and notebook Day 5: Lesson 8.2: practice set and corrections | ||
| Wk 26 | Day 1: Lesson 8.3 Maintenance, Turnovers and Capital Projects: video, teaching and worked examples Day 2: Lesson 8.3: project and notebook Day 3: Lesson 8.3: practice set and corrections Day 4: Lesson 8.4 Rent Collection, Hard Conversations and Eviction as a Last Resort: video, teaching and worked examples Day 5: Lesson 8.4: project and notebook | ||
| Wk 27 | Day 1: Lesson 8.4: practice set and corrections Day 2: Lesson 8.5 Self-Manage or Hire a Manager: video, teaching and worked examples Day 3: Lesson 8.5: project and notebook Day 4: Lesson 8.5: practice set and corrections Day 5: Unit 8 test | ||
| Wk 28 | Day 1: Lesson 9.1 Depreciation and the Rental Tax Return: video, teaching and worked examples Day 2: Lesson 9.1: project and notebook Day 3: Lesson 9.1: practice set and corrections Day 4: Lesson 9.2 Selling: Capital Gains, Recapture and the Home-Sale Exclusion: video, teaching and worked examples Day 5: Lesson 9.2: project and notebook | ||
| Wk 29 | Day 1: Lesson 9.2: practice set and corrections Day 2: Lesson 9.3 The 1031 Exchange: video, teaching and worked examples Day 3: Lesson 9.3: project and notebook Day 4: Lesson 9.3: practice set and corrections Day 5: Lesson 9.4 Insurance, Umbrellas and LLCs: video, teaching and worked examples | ||
| Wk 30 | Day 1: Lesson 9.4: project and notebook Day 2: Lesson 9.4: practice set and corrections Day 3: Lesson 9.5 Bookkeeping for Landlords: video, teaching and worked examples Day 4: Lesson 9.5: project and notebook Day 5: Lesson 9.5: practice set and corrections | ||
| Wk 31 | Day 1: Unit 9 test Day 2: Lesson 10.1 Scaling: Reserves, Pacing and the Next Door: video, teaching and worked examples Day 3: Lesson 10.1: project and notebook Day 4: Lesson 10.1: practice set and corrections Day 5: Lesson 10.2 Partners, Private Investors and Doing It Honestly: video, teaching and worked examples | ||
| Wk 32 | Day 1: Lesson 10.2: project and notebook Day 2: Lesson 10.2: practice set and corrections Day 3: Lesson 10.3 Paying Off Debt or Growing: Two Paths to a Paid-Off Portfolio: video, teaching and worked examples Day 4: Lesson 10.3: project and notebook Day 5: Lesson 10.3: practice set and corrections | ||
| Wk 33 | Day 1: Lesson 10.4 Hard Lessons: Case Studies of Deals Gone Wrong: video, teaching and worked examples Day 2: Lesson 10.4: project and notebook Day 3: Lesson 10.4: practice set and corrections Day 4: Lesson 10.5 Capstone: Analyze, Defend and Present a Real Deal: video, teaching and worked examples Day 5: Lesson 10.5: project and notebook | ||
| Wk 34 | Day 1: Lesson 10.5: practice set and corrections Day 2: Unit 10 test Day 3: Review day for the final Day 4: Final exam (60 questions, two hours, one sitting) Day 5: Capstone presentation to the panel (Lesson 10.5) and a review of the year’s deal binder | ||
| Wk 35 | Catch-up week: finish any MUST COVER lesson not yet done | ||
| Wk 36 | Year-end review, portfolio and records |
Grading: Practice sets (completed and corrected) 15%, Projects and the deal binder 25%, Investor’s notebook 10%, Unit tests 25%, Midterm exam (50 questions, timed) 10%, Final exam (60 questions) and capstone presentation 15%. Scale: A 90–100, B 80–89, C 70–79, D 60–69, F below 60.