I'm interested in Henderson for its proximity and AZ because I have family there, but am hesitant because I've heard that cashflowing properties are non-existent/extremely hard to find. 

Such a property in Souther CA does not exist but if it did it would be an easy 8 digits. 

That covers the existing structure and the renovations as they are incorporated. 

You can read many books and do so many training, courses, etc bu they won't teach you the stress when something broke and it has to be fix in the day or the whole project goes south.Easy big money does not exist.

Do lists exist? 

Unicorn deal (they exist - we found one this year)I'd strongly advise staying away from new MFHs in this area - the supply is now exceeding demand. 

They exist and they will be worth the money. 

When I say "quality" i mean the quality of the neighborhood, and not necessarily the property.For example I am looking at a property that is being short listed for 20k fully renovated (zillow estimate is 35k) but it's in a depressed area with a few rowhouses boarded up around it, but there is an existing tenant there and the rent, cap rate, and cash flow look excellent on paper.

This can give you the opportunity to possibly add more units within an existing property or even build additional units in the future. 

I would recommend someone with an existing mortgage look up there own address for confirmation.