You'll also want to ensure you have a good property manager to look after the upkeep of the property if you are not there to notice anything deteriorating or which may need attention.Creating an LLC in California could cost you a minimum tax of $800 every year.

Very common. 

The people elected her twice;  the city floods in a medium rain and boil water notices are frequent due to crumbling infrastructure....but they did find enough money for festive lights for the bridge for the Superbowl.

While there are definitely house hacks that have allowed owners to live for free and show positive cash flow the current interest rates and prices make those less common.

You think through the major systems in the house (roof, exterior or tuck pointing, hvac, plumbing, electrical, unit turns, common areas) and if they are all new you should be good for a few years (5-10). 

Does anyone have any input on why this may not work, as it seems to not be a common thing for the banks to enforce.- I could be successful with foreclosure and end up owning the property- Since the note has reached maturity, it cannot be made to perform again by the borrower where I am stuck with it for years.

That would be my next move based on what I'm noticing in the area.

Yes, this is quite a common practice for professional PM companies.

When you inspect and see that they're not maintaining, give them a written notice of violation with one week to clean and pass another inspection.

This is a common issue with investing in existing & older homes.