However, it was not something that we planned on and I did not have any sort of communication prior to with that particular poster planning to highlight their services. good point Joe will have to see if I can see that kind of behavior..

All too typical park owner who took all the profit out of the park without reinvesting in the business then wants to sell you the potential he was too cheap to invest in. 

Sale Price$171,000 - $55,000 (Rehab) - $13,680 (8% fees) - $40,000 (profit) = $62,320 MAOFrom talking to other investors and doing research, typically a Novation allow more money to the seller, correct? 

I’ve already put down a $2,000 earnest deposit and paid for the inspection and appraisal.This event is unprecedented in the area, as the area is typically low in violence and considered very safe.

This is my first investment of this sort and it has not worked out how I originally intended but I am learning from my mistakes and will be making better decisions in the near future What made you interested in investing in this type of deal?

But if your goal is to leave your day job soon, multi family will offer more cash flow typically.

Typically starting with a smaller rehab budget of $50K or less (maybe a max of $75K) and avoiding a 1 to 1(or higher) ratio of purchase to rehab costs is recommend when you are first starting out. 

Meaning, the bank wants to see that a property cash flows for typically one to two years of tax returns before they count it as income. 

Typically by the time it reaches the MLS, it is listed at retail value, and you're not going to get a screaming deal, although there are those diamonds in the rough and my team frequently does "fixer" deals off the MLS.

Furthermore, California has a very anti-landlord and anti-real estate investor government that can cause you all sorts of other problems as well.