I wouldn't be opposed to having a little skin in the game (closing costs, inspections, etc) I would be living there paying market rent and doing the improvements myself.

As you know its near impossible to find a good cash flowing deal in CA due to sale price, taxes and lack of inventory.Last one I closed on was over off of Germantown Road it was a great 2 unit that needed a little TLC for $160K but passed an inspection and was livable.

I learned new things to look for during inspection, and I also learned a lot about the overall process of buying a investment, and what I could do better the second time.

Also recommended getting a home inspection. 

My go-to response is always: Do you have a Move-In Inspection to document the home's condition beforehand?

You'll need to cover inspections and repairs.

If you plan to manage remotely, then find a good PM or have a trusted team that can inspect your property regularly - and be ready to pay them.

We need to close in 1 week and worst case I may need to buy all cash and refi to a different lender losing my property inspection fee the lender charged.Is this a townhouse or condo?

Revenues get low he just sends em out to do a random "unit inspections" to churn some more maintenance money. 

Quote from @Alan Mills: Got an inspection objection back with something I’ve not seen on my other rehab’s (this is a Colorado property):“The seller agrees to have a licensed plumber install external sewer cleanouts per city code and scope the sewer line ensuring its integrity.”This was a full interior/gut rehab and almost everything is brand new.