I have a very easy and quick answer to your question and it's a no-brainer.Don't buy rentals in California.

Things that would be helpful to know: how much are your holding costs? 

I personally made these repairs at a total cost to me for $150.

A deal that’s “close” but not quite right can still cost you big.

Quote from @Alex Christie: I've searched with no luck finding the answer to what must be a common situation:Say I have a 4-Plex, each unit with 2br/1.5ba.

No.

I'll bet you a cup of coffee no one has working keys.

Also, I believe they own this property out-right, no loans, etc.I'd like to structure a deal where they provide seller's financing with a 2-3 year off-load timeline that gives them a) some cash now via a down payment and b) some regular monthly income all while I work to bring rents to market value and we both benefit on the sale and refi.How would something like that work and what would it look like?

@Ryan Brown if the daughter no longer lives with him how is he entitled to a two bedroom on Section 8? 

No thank you.