So, say, properties in your target area are selling for about $100/sq.ft.

RE Brokers in the area are a key team member as they should know the area, good rental areas, and they will be a good resource for rentals (possibly, if they deal in rentals).

Alternatively, happy to be a resource should you need help identifying opportunities and analyzing deals. 

.: What is the average conversion rate for cold calling using software like PropStream, specifically targeting probate, foreclosure, or tax delinquency leads?

The market still has relatively low entry points compared to other major cities, making it possible to find multifamily properties like duplexes and triplexes in the price range you’re targeting.

Since you’re already networking and have some good realtor contacts, focus on narrowing down your investment strategy (like buy-and-hold or house hacking) and target markets with solid cash flow potential.

Also open to any networking opportunities, meetup groups, or resources you recommend!

In addition, you would need enough working capital to pay for insurance (which will be going up a LOT in Los Angeles) and to pay for property taxes.Don't buy this unless you have substantial resources and a cash cushion to keep yourself safe.

To reevaluate, my team and I can provide further insights and resources if you're interested in implementing a creative investment strategy.

BiggerPockets is full of resources designed to help you along your journey, whether you are just getting started or a seasoned investor.