[Biggerpockets] is notorious for the no and no money down niche, but you really need to have a good financial runway prior to investing otherwise you will lose your bottom when it goes sideways.Read all the usual books.

Bakersfield has more value than most areas but prices are up nearly double what the were at the bottom in 2011. 

It's near the bottom of the list!

I don't think I've ever seen such a skinny bottom with  that much overhang. 

Although we haven't received a preliminary estimate of repairs yet, we were told today that they would fix the property from top to bottom inclusive of roof, side paneling, plumbing, etc.My question is: Should I take the route of the $86,000 in which the essentials are taken care of or should I take the route of the $130,000 in which the property is fully renovated? 

This is why so many invest in buy-and-hold properties; we continue renting it whether the value goes  up or down and it doesn't really affect our bottom line.

) - Aim for lease expiry in the spring ( vacancies will be shorter, monthly rent will be higher ) - Don't nickel and dime with minor rent raise when you have good tenants I have been blessed thus far ( touch wood ) to have 85% renewal ratio which is HUGE on your bottom line but this comes with planning and work.

Bottom line, you could never duplicate the service listsource offers for yourself for anywhere near the cost of just using the service.

Bottom Line: after a few years, you can create a Grantor trust with your son as a beneficiary.

Focus on bottom line.