That's always a red flag to me as I feel I'm on the other side of someones flip.   

Question 3: Areas outside LA I have been looking at Riverside, Redding and Sacramento and these areas seem to have potential.

Focus on learning the business and/or find a great property management company to assist you.Find the ROOT CAUSE of the vacancy issue and focus on resolving it!

Curious whether there is still opportunity to enter this space or if the lack of posts is a red flag that opportunities have dried up?

Am I missing something, is there a red flag I'm not seeing?

I will be doing a few of them I don't want to be raising a red flag anywhere with banks.

as low as 5% down on 2-4 unit, lower mortgage insurance premium and no upfront insurance payment at closing, and it's a conventional loan so stronger offer and less red tape than the FHA. 

Probably the biggest red flag is that even with improved rents I'm only seeing a gross noi of 5.4% on asset value and after allowances, expenses, and costs to upgrade it's probably well south of that.I like your thinking. 

The vast majority of private Landlords have no clue what they're doing whereas a professional knows the law, can spot red flags, and can find you a quality renter.

That is a red flag for me.