There aren't many "short-term, get rich quick" type investment options in SoCal today. 

@Rich Vogel, would you care to elucidate?

Each potential buyer has come to their own conclusion that it would be too much hassle and risk to manage in this fashion vs a traditional rental even though the average cap rate in our area has been half that at best.

“Lyons, I love seeing someone with your drive and vision diving into multifamily real estate in LA—you’re in one of the most competitive and opportunity-rich markets out there.

.- The 203(k) will allow you to bid on properties that need repairs that won't qualify for a traditional mortgage => less competition => better purchase price.You will need to find a great local contractor you can trust to supply the required bids to qualify for the 203(k).- After closing, you can do some of the work yourself to save money, but the program doesn't allow you to pay yourself.You will want to buy a Class B property, maybe Class C+, in an area that seems to be improving.

However, we often facechallenges in sourcing suitable properties through traditional MLS listings.

A prudent investor doesn't seek quick riches through shortcuts.

The actor Jim Carrey has an interesting perspective “I think everybody should get rich and famous and everything they ever dreamed of so they can see that that’s not the answer.”

You will owe monthly payments until you fix the property up, rent it out, and refinance to a more traditional 30 year fixed rate product. 

I will be very careful with my first investment if I were you, unless you have a rich father or uncle who is willing to finance your mistake.