Area often get frequent highs over 100 degrees in summer and soil not the best.

It is a frequent misconception out there. 

Probably more uncommon than not, but something we do come across frequently.  

Welcome @Joe Miller Failing frequently is the fastest way to success...

I started with defining the characteristics of what I call a "good" tenant.

My understanding of loans and financing is pretty limited.The latter scenario you describe of financing the purchase and rehab and then performing a cash-out refinance is quite frequently practiced.Often, an investor will get a loan for the purchase and rehab of the subject property, and then (after seasoning) cash-out refinance using a traditional bank loan.

Hi Ryan, I work with investors in CA pretty frequently.

It depends on your portfolio's characteristics (and your credit score, liquidity) but the typical range is about 4.75% - 5.5% for a 30 yr fixed, with a 5 year prepayment penalty (if prepayment penalties are allowed in your state -- some states, like OH, MI, PA have restrictions on prepayment penalty terms & fees).

It can be hard to comp a property if there aren't any nearby properties that have similar characteristics.

There is plenty of discussion on this topic as it comes up frequently.