Just my 2cents but if it works for you I do think the esthetic is decent, not horrible, depending again on your other goals. 

It might sound like a horrible experience, but try to find a family in your situation who might want to share the cost of a rental that could fit both families' needs, keeping overall costs even lower.But even if you rent a small place instead of buying California real estate, at least there's no cap ex threats or burden on your cashflow.

I have had horrible luck with my last 2 Samsung and LG.

My question is this.. why are you all STILL giving people such stupid horrible advise?!

It was in such horrible shape but the location of this property is amazing.

The risk is much greater though - you might get stuck with a horrible property manager or if you are doing any rehab work without being there physically to monitor contractors, the deal can become a disaster. 

Baring that situation, (which may be the case with said horrible property manager), which describes indifference to repairs by the landlord, THE TENANT DOES NOT HAVE THE RIGHT TO SPEND THE OWNERS MONEY FOR THEM, AND IF THE PROPERTY MANAGER IS ALLOWING IT, THEY ARE TO BE FIRED.

For example, what if one of your friends want to sell the house and you don't or vice versa, or one of them gets in a horrible accident and gets sued and the house is part of that suit.

Also, the gross rents are much higher because a largeramount of property was purchased.Now....did I go horribly wrong somewhere?

If something horrible happens and I have to file bankruptcy, I still have a nest egg waiting when I get old.