I have 6 more leads in the funnel now, and should be closing on two properties this month to start the new year right - barring any unexpected situations. 

With a first walk through I'm more concerned with risks than benefits of adding rooms/baths, etc, because I'm looking for buy and holds not short term flips.Biggies (for me, other people will have different lists): foundation issues, roof issues (look at the roof itself and any signs of water damage on ceilings and walls), mold (beyond a little where things need fixing), leaks in showers that are hard to get at, squishy subfloors around toilets and tubs, termites, knob-and-tube wiring, ungrounded, two-prong outlets, no central HVAC (this is all about your location, some places this is fine), and to a lesser extent water heaters.Heavy duty foundation or mold issues I would pass up, the rest I would consider in my offer price. 

., what are good neighborhoods to invest in) Lack of confidence in the calculated costs for expected and unexpected items (e.g., electricity, gas, CapEx repairs). 

Keep in mind that the seller is going to try to get out from the property for a reason, just ask a question and listen, if he's motivated enough they will reveal more than needed OR they will not have enough selling points which could be a bad thing. ie; vacancy rates (leads to knowledge about the area or housing issues the tenants had), water usage (potential plumbing issues), appliances held in the units (leads to how old the electrical is in the home) CHECK IF THE OUTLETS ARE GROUNDED !!! 

I'm looking to get a 220V outlet installed in Tustin and looking for honest recommendations for an electrician, handyman, and/or dry wall guy. 

You mentioned you have high interest debt and an unexpected medical bill.

Having the right business structure from the beginning saves a lot of unexpected headaches later on.

Sears outlet seemed to have the better prices.

Our Ins carrier will not allow them.I would also check for any non-grounded outlets to determine any re-wiring issues.

I couldn't move in immediately (everything was very unexpected) so I needed a tenant.