I made a similiar mistake in business, paying $1.1M upfront for promises and had no way to cut losses when those promises were not delivered on.

Also If the names are correct i searched dca database and found neither license listed under the name or business. 

We use Hiscox for our insurance with our business, not sure if it works for property but its worth a try. 

The lenders were very good and communicating at first, but as we got close to closing, we could not reach a single person in the company during business hours.

My opinion is a lack of business organization.

These programs offer options for less money down and in some cases DPA - Down payment assistance.As a banker for over 18+ years I am very skeptical when I hear a new name in the business only because its become tougher to lend with all of the new laws and credit/insurance requirements and regulations.  

The best way to think about it is you're in the business of renting a property-that business isn't operational until it's ready and available for rent (aka in service). 

You would build a way better business.

One thing to consider is that in terms of wealth building and Kiyosaki's Cashflow Quadrant, owing a rental and doing work yourself is putting you in the self-employed quadrant, not Business Owner or Investor.I think there are a lot of factors stacked against California for long term rentals, and I think you know it too! 

But I really see this as just business-  I want the best market I can get into.