Like you, I have been reading and educating myself about REI for quite sometime and I feel I am ready to pull the trigger.  

Seller financing is an equity based loan, look to the UCC as to default of installment contracts, they become void, points or loan fees are not charged on equity financing.......I said not charged when I should say, should not be charged as I'd bet sellers are not in compliance, they can just lose their note and suffer any consequence that goes with unlawful lending.

(I'm an agent)I like it because it is thorough , has been reviewed by attorneys for compliances with all the laws, etc.  

The house is older and the tenant wants to start updating once the new agreement is signed.How can I go about this and  stay in compliance with the new laws and profit from the deal?

I found your other post and the average rehab cost to get a property back on the market was very helpful as well ($1400 every 18 months is pretty close to my estimate of 2% of property cost at $980 per year so I’m glad I’m in the ballpark).Let me ask you both, at some point purchasing for buy and hold in this area would be worth it (at an extreme example, any of us would pull the trigger if it only cost $1), so what would it take to make this deal look positive in your books?

Mario Furmanczyk,seriously if you are determined to play with LA's rent control laws and renting in California in general,you need to find a very good real estate attorney who is an expert in rent control laws and California rental laws in general.California is one of the most difficult places to do business and landlords are treated like criminals waiting to be caught by our court system.You need serious protection with good lawyers who will help you stay in compliance and keep you out of financial troubles.Good luck to you.

I am about to pull the trigger on two houses in Baltimore city.

The biggest thing though is like what the BiggerPockets community says a lot: "just pull the trigger."

Good reminder that you make and set policy not just in the lease and rules but also in the behavior and actions of the manager/landlord (no repercussions=no compliance)...Best of luck!

Obviously you want to be as prepared as possible, but the only way to make anything happen and to have any success it to pull the trigger and try to get a deal done!