Usually the numbers don't work to build in these neighborhoods, unless government tax credits, etc.Do you see the problem with your two statements:"The turnover costs could/will be high"and"How much more damage could they do?"

Also you should inquire with insurance agents about the cost to insure.

I’m estimating renovation costs at around $150,000.

@Jonathan SniderFannie and Freddie do have LLPA's and the lower the down payment, the higher the cost.

Attorney’s Fees; Collection Related Costs; Jury Waiver.

Same property listed water bill paid by landlord so how much does it cost to put individual meters for each property so cost can be moved to tenants? 

My thinking immediately turned to researching local rental costs per square foot to determine income potential with triple the current square footage.

-save $1k+ in taxes and fees yearly-can use the savings to get more insurance and a higher liability than the value of house. for flipping houses in California does anyone just put into sole proprietor own name and just use the $1k+ in savings for LLC costs into Insurance or use for savingor am I just being too risky. 

At the end of the day; you need more money to do something like this.MAX LTV on new builds is 80% LTC, Meaning if the build is $550,000 and Land is XAdd ($550,000 + x ) * .8 = LOAN AMOUNTYou would need to come in with MINIMUM 20% of the cost in addition to closing costs and reserves, $80,000 is not going to cut it for this project.

One month of vacancy will cost you $2,600 + $200 utilities.