It's more than I would want to take care of for the property size, and based on the limited pictures it doesn't look terribly useful as it is.Could the barn be converted to a garage or work shop at a reasonable price? 

I'm not familiar with the details, but they do have some program to convert the hard money to a long term loan. 

We are also going to move a few non-structural walls around to increase the kitchen size, convert the hall half bath to a full bath, and turn the current full bath into an en-suite for the master.Exterior we are replacing the siding, windows and doors, and paint the brick white.

Systems for getting and converting leads of motivated homesellers is a big one.

I got into the market in 2009 when I bought my first house with an FHA loan and then converted it to a rental when I bought a new primary residence in Denver which I later turned into another rental.I'm currently in the beginning stages of looking for my 3rd property as well.  

@Mike Conklin What made you decide to convert to gas heat?  

Their rational is that in multi family zones, if STRs are not banned, investors will convert LTRs to STRs and thus make the housing problem worse since there are not enough housing in LA.

Take a property like that, on the MLS, pay market value even for its current state, and unlock the hidden value by adding beds and baths in a cost effective manner (converting attics and/or basements, converting the garage and then adding a detached garage structure, etc).

I bought a condo there in 2008 at peak market and lived in it until I converted it to a rental in 2014.  

You wont convert all of them but if you convert 1/10, it's a good lead source.