Also, I’m likely to invest out of state as California is too expensive.

I always recommend to make even a little passive income from a rental after all your expenses, lets be honest you put a lot of effort into this rehab so you should reap a little return.

The bigger concern I would have is low pressure due to blocked pipes, especially to the bathrooms.

An emergency fund needs to be liquid, and immediately available to you in addition to being low risk and protecting principle. 

Getting a mother-in-low to co-sign is not the answer.

We also have many unique buyer incentives where an investor can get up to a 10% price reduction to come into immediate equity, or get that 10% as a cash back at closing to reduce your down payment and increase your ROI, or buy rates down into the low 4s on 30yr loans to maximize cash flow.

NJ , where I am is extremely expensive.

Utilities for the Rented HouseDeductible as a rental expense from when the property was placed in service (ready to rent).

He is putting in a spa (I think because it is 4 units this expense can be justified).  

There's usually a good reason why a company is cheaper or more expensive.