Value add opportunities in California

[Izzie Y.]

I'm just starting to get into the real estate game and trying to start locally in California. My primary interest is in multifamily as this is what I'm most familiar with. More specifically, i want to find some value add opportunities.

I'm curious to know what are some common value add opportunities for non-vacant multi-family buildings in California where there is rent control and tenants do not turn over easily? Remodels and raising rents are not really an option as you have to wait for tenants to move out, and that can sometime take years.

I'm not necessarily trying to flip. I'd prefer to buy, add value, refinance, and hold however I'm stuck trying to figure out what can actually be done given all the rent control and regulations. I know many will say go out of state but I"m curious to hear from anyone who has experience in a similar context and was able to find some success. Thanks in advance.