@Serge Hounkponou Recommend you first figure out the property Class you want to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

You'll end up in court with a lease agreement that says rent is $1, and the recommended tip is $1,999.

So REI in California only makes sense if you've been there since the 70s or 80s OR if you're financially well off and can afford a few million dollar properties. 

Your $30k should be your emergency fund and not used for new investments at this time.Consider talking to a CPA or financial advisor.

It was bought in 2004 and due to financial issues, I believe ~$197k is still owed on the mortgage.

If you're already in a secure financial position, leveraging your equity could be a smart strategy.

You could, for the purposes of verifying that you are not renting to someone who is potentially dangerous or financially incapable of shouldering the burden of being a roommate, ask them to apply through Zillow so that you can see their background check, that also gives you the opportunity to have others who might be interested in being your roommate as well, apply.

Do you have the financial strength to hold/carry these lots if they don't sell quickly? 

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Our online court records in CT are now automatically dropping tenants' evictions fro the record after 3 yrs, or even less.