Most are performing well and a couple of them are in the middle of dealing with evictions. 

But more for you so that you are not left with a lot of money out and a loophole for the other partner to get out of the agreement and not have anything to go after them on. 

I've talked to lots of California and a few NYC investors that have lost money (including myself) who bought inexpensive properties in the Midwest mostly and a few in the South (Class C is volatile). - some strategies I've seen California investors use to lessen negative cash flow: house hacking, mid-term rentals (people temporarily displaced from home renovation or insurance reasons like fire), rent by the room, Short Term Rentals. - The ultimate house hack, live in the small ADU unit and rent out the two levels of the main house on AirBnb in San Francisco (I would have thought STRs are oversaturated in S.F. but it worked for them and they stay fully booked).

As noted above, a cash deal with all capital liquid in an account today is going to be taken much more seriously than a financed deal or a syndicated deal.  10% EM hard at contract signing and a 45 day close with no extensions will be taken more seriously than 3% EM hard after 30 days, with a 60 day close and 2x 30 day extensions.  

It will include a compact bathroom, a tiny kitchen area, and a heater—just the essentials to make it comfortable for someone to stay in.

Hiring a contractor to assist with repairs and a property management company to manage rental.

As both an investor and a mortgage broker who has personally used both options, I can say there are benefits to each.It ultimately comes down to comparing the two side by side based on your specific situation.

This sounds like a home run and a great first purchase!!

You could also check what Realtors in your market are preferred agents here on BP- they should have at least a little experience with investing and a network built up. 

I'm both an investor who has done fix and flips and a mortgage lender.