@Carlos Toussaint - I'd be extremely hesitant about paying up for an LOI.

You are welcome Jason.All the best and don't hesitate to reach out if I can help.

Based on these crazy numbers I am even hesitant on submitting an offer as they will seem ridiculously low. 

Don't hesitate to reach out if you're looking for a turnkey solution that will take you from a pre-close walkthrough all the way to picture ready.

Please don't hesitate to reach out if you have any questions or clarifications.

My main hesitation is that it is in a lower-income area.

Especially if you’ve never spearheaded a partnership/syndication of this type i would be hesitant to give you a substantial amount of equity.

I've been researching and studying the market in my area (Los Angeles) for a couple years now and have hesitated to make the plunge on any purchases.

One of the best ways to get started is by using a 203K or rehab loan... this will allow you to get in the property with 3.5% down and you can even finance the rehab.Interest rates are a bit higher than traditional FHA loans but the 3rd "R" stands for REFINANCE so you'll only be holding that loan for a short time.I'd speak to a local lender, broker, and investor for more info.Aside from attending local meet-ups, don't hesitate to reach out to people personally via private message or on forum posts...

Please don't hesitate to reach out if you have any questions or want to talk and share knowledge.Thanks,Johnny