Los Angeles:Investing in Real state multi-unit building

[Marx A]

We are a working couple first time buyers in Los Angeles,California. We have 300K$ down and were preapproved for 900K loan.
We never owned property before so we are seeking expertise advice and answers to these questions
1. We were wondering about what people who have gone this route have to say or give advice on that.
2. Is this the right way to go?
3. As we understand how important location can be, we are debating whether we buy it in Burbank N Hollywood Sherman oaks, La near USC or West Hollywood? Investment wise what would make the most sense?
4. Also for maximizing investments and cash flow what’s best 2, 3, 4 units or more is best?
5. What things do we look for when we go see the apartment?
6. What questions should we ask the seller?
7. What to look for in the surrounding? Besides school public transportation and safety obviously?
Any comment and/or advice is greatly appreciated!

[Loc R.]

2. It is up to you. You need to figure out for yourself what your strengths & weaknesses are, and what your short-, medium-, and long-term goals are.

3. Stay away from rent-controlled areas.

4. A good deal on a 2-unit building is better than a bad deal on a 4-unit building.

5. Look for upside. If the rents are maxed out given the neighborhood, then there's no upside.

6. You probably won't be meeting with the seller face-to-face, but if you are, I'd find out his motivation(s).