A more realistic purchase price of $247.5k will result in a cost of 75% of ARV minus repairs.

It would be a dream to nab all this at $80K or even $100K, but realistically they may only take 10% less than their listing price and nothing less.

Be realistic about things like maintenance, so many poor quality tenants that ongoing costs can be high.

Right now I'm thinking HELOC.)Being realistic, the market is quite pricey here in Southern California so as I'm reading the blogs, I'm doing my best not to be fearful about having my first investment out of state.

If you intend to wholesale you really need to know that info so you can make sure your ARV is realistic so you buy at the right price and leave room for someone who will be doing the work to make some money also. 

I would pass just on that basis but make sure your expenses are realistic before you do that: taxes look high, vacancy looks high, insurance looks a little low, and property management looks high.  

Based on properties I've seen, I'm wondering if this is realistic in the LA market.

Does my reno cost seem realistic for a home this old?

So these investors tend to spin their wheels instead of closing more property trying to get lenders to do things that are not realistic.

You might be able to find something in Santa Ana or down south, but realistically it will be tough to cash flow because you will most likely be getting into a condo and will have HOAs.