Exit strategy would be to gradually renovate the home (it could use some work but has a ton of potential for a longer term flip) and sell at the peak of the next market cycle, or live in this home long term.

Every new investor was always tentative to start with and just did a small amount, but as the returns kept coming in, and they became comfortable with the process, they would gradually increase their investment over the next year or two.  

I have built a strong network around me over the years just being around real estate, and gradually being around more and more investors.

I know for a fact if I had full time availability I could get going more quickly, but I also know that I've got a life to pay for and it is a blessing to have a business I own that I can step away from gradually. 

My totally uneducated theory and please poke holes in it, is that rents will gradually stop growing and/or decrease as developments  reach the lease up phase.

I've talked to a few people about doing rentals and most of their responses are about the same "start of with a cheaper small house, rent it out and gradually work towards getting more lots and then work bigger towards dupleces and so on" I need direction for learning tools I really am starting fresh, I don't have knowledge really at all on market what factors that are in play when going to buy a house or renting it out or anything like that.

I am thinking a monthly 8% reserve will start to build and cover these gradual replacements.

@Joe Prenger if you're ultimate goal is to raise rent AND keep the long standing tenant I'd suggest a gradual increase rather than a large jump.

If you want to raise, raise them gradually by $25 or so a year after you've had your tenants. 

I decided to pursue wholesaling first so that I can learn as much as I can about real estate and then gradually progress into flipping and acquiring rental properties.Any advice for a new LA investor?