Gotta get me one of those :)That house, while slightly larger then average, is pretty representative of the North East LA, and the appeal of such a property - clay shingle, smooth stucco, old hardwood, arched doorways and overall 1920's Spanish feel - when remodeled, is what's so appealing to retail buyers in the are so close to Hollywood etc..If the house was last bought in 1996 for $156K, and the current debt is in $730's, clearly the owner has taken equity out of it and walked.

@Ben Leybovich I think the inflection is lost typing on a tablet.

If you want to live on Mars with Elon Musk in masks and play with red clay all day, you're more than welcome to.

In the old days they used tar paper sewer pipe, then clay sewer pipe, and then finally plastic sewer pipe in recent times.

I agree what @Clay Manship said "Are you more scared of what MIGHT happen if you don't invest in real estate, or what WILL happen if you don't?" 

No one is going to speak up for them as they are assimulated into the iron and clay mixture.

Other lots have had clay (expansive soil) that had to be dealt with.

That's how I did my first one.As far as a book to help with the renovation - I recommend Flip: How to Find, Fix, and Sell Houses for Profit by Rick Villani and Clay Davis, you already have the property so you will just want to focus on the fix portion which is covered in detail and tells you what to fix when and why.For learning about becoming a landlord I recommend listening to the buy and hold related episodes of the bigger pockets podcast.  

Excuse my tablet typos, this thing has predictive text based on typos in the first place. 

Also, much can be accomplished on a smart phone or tablet remotely, its not all showing houses all the time.