In So-Cal you have to have energy efficiency calculations and there are other costs that you don't realize until you get into it. 

The best opportunity you will have to replacing out-dated systems (plumbing, electrical, HVAC) and improve the energy efficiency of the building envelope (air sealing, insulation, fenestration) is before a building is placed into service.  

I like the strategy in certain situations, but it's not a silver bullet. 

Do one "wrong" little thing that violates what a single bullet point on page 359 of 1425, and boom you're done, doesn't matter if you fully comply with the other 1424 out of 1425 pages.

Any energy you spend on this will be easier than a drawn out eviction, so figure out the barriers and help them solve them.You may struggle to find quality tenants and folks that won't smoke in units, I had to really adjust my expectations over the years. 

Man I wish I had the silver bullet for you on that question, but I don't. 

When you are passionate about something all things are possible and you find the needed energy (well, most days anyway ha ha).

Plus my father who is 51 would have the added benefit of having these two properties paid off by the time he's in his mid 60's, probably about the time he will be retiring.My Father is basically my "Private Investor" so to speak because he has cash and I have more time and energy to put into the ins and outs of finding deals and dealing with tenants.

This Block Home located in beautiful Haines City/ Lake Hamilton City has a New Architectural Shingle Roof, New Energy Star Double Pane Windows, New AC Unit, Dry Wall, Floors, Plumbing, Electric Box, PVC Windows, Wood Kitchen Cabinets, and Stainless Steel Appliances.

They will do an energy audit and offer you a discount on insulation.