I know the old phrase high-risk high reward, but being cautious is also a good way to not lose money. 

He is use to the extra expense of doing a condo but the rewards are far greater and thus make sense in the end.

Even the LADWP is a pain to deal with and anything electric can linger for months if not years in this cityFor that reason, i would recommend to absolutely avoid any interaction with the city unless you do really heavy work that would have significant impact on the appraisal like maybe adding bedrooms and bathrooms or adding lots of square feetThe current system doesn't reward doing the things by the book; you actually will be way ahead doing things on your own and just comply if you get an order to comply one day (very unlikely anyway).

Wholesaling can be very rewarding but as you probably already know, it is very simple, but not very easy. 

Too much liability for such a small reward its not worth it. 

I rewarded a cool landlord by staying multiple years. 

You mitigate your risks, share the rewards, and learn from each other?

When purchasing at a substantial discount the risk is worth the reward, but now there is no reward, only risk.

For me, it has been challenging but has been the most rewarding opportunity I have ever gotten involved with.

It's very much an up and coming area; a lot of young movers and shakers are coming in and setting up shop in its rustic charm, investing in the local businesses and culture, and it seems like the local government is riding that wave, investing in public areas and roads.