In those cases it is a losing proposition.

I would not personally look to buy anything on Market place simple reason is distressed sellers are not on the market place. hell they don't even know BP exists.you have wholesalers that want to make middle man fee's and this is a cheap way for them to advertise once you respond to many you will find them to be all over the board in value proposition and experience. one quick way to look at buy and hold with no sales pressure like you just got above.. is to go to Brie's turnkey reviews website and check out the stock that is available in other markets. 

If you are looking for cash flow, that is going to be a difficult proposition in Southern California.

A few reasons I'm pro D class:Less competition: As you can see in the comment thread, many experienced investors don't like to go into D class.Better cash flow: D properties tend to give higher margins (also more headache).Additional value add propositions: There are a number of strategies you can use to actually pull up the entire neighborhood; these tend to take a long time and are difficult to implement, but can be very lucrative and good for the community in general.Lower barriers to entry: You can buy a lot more property for a lot less moneyMore creative savings opportunities: broken appliances?

I have just started doing deals on the east coast ( 3 years ago) were titles are MUCH older than out here in the west coast especially recent lot block subdivision type properties.Very common occurance for us these days I have 2 going now ( quiet titles) for the same reasons some relatives were not notified they need to sign off.. of course they can't be found and are probably dead.Seller inherited property.. old owner never bothered to get divorced or probate estate etc.Not sure the value of the asset in question so the value proposition is very real.

When we were developing commercial business parks back in the late 90's we not only hired management companies, but hired a battery of consultants, a very expensive proposition, to provide us guidance on various best in practice options for HOA's to operate. 

This is not a sit on the sofa and read proposition you actually have to do something.  

Being somewhat of an introvert, this was a daunting proposition for me.

Then when you(PM) factor in that the owners are unhappy which will create property turnover it can actually be a losing proposition financially.

When we created a value proposition last year about our company -- what makes you different than another PM company since there are so many?