I've given myself a few advantages since I'm new and don't feel like I need a home run on my first purchase, including ignoring forgoing property management and willing to settle for as low as 6% COC ROI since I intend for this to be more of a learning opportunity. 

I still like the deal as I am a long term investor and I am going to make a small bet for appreciation on this one.To purchase properties in pricey places like California in the last decade, you forgo cash flow for appreciation. 

You may think you are protected but one tiny issue will bring that crashing downThe advice I have been given is to forgo the initial cost and yearly fees for an llc in many states and just be very heavy in liability coverage....until you start to get big enough that it truly is a company by itself and not just you trying to pretend to be one by having some document that says you are

This may result in clouded title at sale and/or the requirement to pay the sub AGAIN for what you already paid the GC for, going after the GC in civil court later if you so choose.   

@David Song regarding prices going up are you referring to Multifamily(5 + units) prices ?

You see, before I was able to buy it in 2010 for almost a song, similar units were selling for almost the same prices as today.

I have a condo, but the fees are pretty low (could be lower) and I got it for a song.

I also know that I can only withdraw up to 10k from my IRA once it's rolled over and would rather move home temporarily to save up money for the purchase than to take penalties for going over the 10k limit. 

Use Page 1 of 6Notwithstanding the forgoing, Tenant shall not use the Leased Premises for the purposes of storing, manufacturing or selling any explosives, flammables or other inherently dangerous substance, chemical, thing or device.4.

The seller was willing to forgo that additional 35% because the minor renovations that you will be able to complete in two weeks was just too much for them.