If the answer to both added questions would be "yes", then you have a potential goldmine here.Combining the seller's concerns, and the reality of a big down payment being a negative to the seller (see Q: 1), you should be able to set the terms, with a lower DP, and controlled interest rate, to have this property CF and,...be able to sell the package to another REI down the road,...as long as you buy this using an LLC (a new one). 

Quote from @Gregory Wilson: This depends on what level of control you can exercise over the W-2 employer.

Bay Area, did a local renovation where I was able to do walk throughs with the contractor, and have pretty good control of this property, can check on it multiple times a week.

., constructive receipt doctrine, effective control over nominal 3rd party relationships, lack of genuine risk bearing and compliance with transactional terms, etc.).

Income Late fee Gross rent Expenses Advertising Cleaning Gardening/lawn mowing Insurance Interest on loan(s) property tax Legal expenses Pest control Property agent fees/commission Repairs and maintenance Water charges Electric Bill Total expenses Net rental income or (loss)

I liked craigslist because I feel in control using it and can tailor to my preferences.

A quality deal you have control (under contract, seller only wants to work with you, etc.)3.) 

You may not occupy your apartment without electric service except during brief interruptions beyond your control.

Understand Proposition 13 for property tax benefits, local transfer taxes, and strict tenant and rent control laws.

Other countries have significant controls to this the US does not have.