i dont feel like fishing for a mirror at the local habitat for humanity.

You must have mentioned buying from folks in foreclosure for your attorney to suggest you look into the FC laws, if that's where you're fishing you better know the rules of that game, it's not a place for newbies to tread really, you talks with such a seller can open you up to claims that can burn you and as to what is said, the owner will most likely be believed over a buying investor in that climate.  

I am a fish out of water in this arena.Property is a condo in a hot area of Los Angeles with a loan balance of $230K.

@Aaron MazzrilloHi Aaron.Love the fishing pic.

I am a strong believer in “teaching people to fish” rather than merely “giving them a fish.”

Or wake up every morning thinking I want to go fishing? 

.$5 each day afterno pets/smokingmonthly inspectionmove-in report signedholding deposit prorated if longer than a week....carried over to deposit if lease signedrent history(no evictions, foreclosure on case-by-case)gross income 3x minimumwaterbed----> renter's insurance with me listed for payoutnot fish tanks or containers exceeding 5Galupon vacating: security deposit will be subject to move-out report and pending utilitiesthis will be a trial period, after tenant has a good track record with me then I will commit to a 1yr lease with all adults on lease jointly and severally(no more than 2)Let me know if i have missed anything, and I appreciate all who have taken the time to read this!

Too many big fish!

There is always another fish to catch.By the way, I am a "real" newbie.  

The only (and I do mean only) thing appealing about this deal is that the fish apparently jumped into the boat.Just because it landed in your lap does not mean you've got to keep it.