Probably more uncommon than not, but something we do come across frequently.  

Welcome @Joe Miller Failing frequently is the fastest way to success...

My understanding of loans and financing is pretty limited.The latter scenario you describe of financing the purchase and rehab and then performing a cash-out refinance is quite frequently practiced.Often, an investor will get a loan for the purchase and rehab of the subject property, and then (after seasoning) cash-out refinance using a traditional bank loan.

Hi Ryan, I work with investors in CA pretty frequently.

There is plenty of discussion on this topic as it comes up frequently.  

CRE is a very broad but niche asset class and you want to work with the people who do this type of thing frequently not just a few times per year. 3.)

These reasons make me think that you need to be at the forefront of someone's mind by doing direct mailing, contacting agents, lenders contractors, (whomever) frequently and reminding people of your specific buying criteria and other such strategies as a method for landing deals with less competition.

. :) I've attended a few events on Meetup but they only happen once a month so looking for something more frequent.

Sure, you can hire management but they will indeed take 20-30% of revenue - at that point you will likely still have more income vs LTRs, but is it worth it to have constant strain on your property from people constantly coming and going and small repairs popping up frequently.

How frequently should I increase rent assuming that the $1400 a month is fair?