It was high rent, low entry point area but within 6 months I dealt with an eviction and electrical issues.

Many banks limit personal loan amounts.

Point noted about not being able to underwrite without seeing things in person.

Offered to intern/work for him at half the pay as his personal assistant if he would teach me everything he knew.

The allure of fat cash flow (at least on paper) and the low barrier of entry (down payment) never stop attracting new investors. 

There are plenty of entry roles from cold calling, scrubbing data and find deals for investors, leasing assistant, work on construction sites, office admin, project coordinator, Title assistant, RE photographer, transaction coordinator.. on and on. 

CA has more than half of the nations homeless/unsheltered persons. 

Since the LTV on the hard money loan is high , I would personally purchase it using a bank statement loan at 85% LTV (15 percent down) and, as you mentioned, just use your cash for the rehab.

The good news is that there are still investable vacation rentals but historically the barrier to entry is growing each year. 

I hope to use private capital to fund the entry fees in second position.