@Michele Greene, properties in north Orange County are a mixed bag, very much dependent on which city, which neighborhood, age, HOA, etc. 

This might be a dumb question, but I own a 4 unit property and have been hit with two $50 fines stating"Violation Code and Description:107141 - Premises not litter free"Basically trash bags being on the property outside of cans because they've overflown. 

In Massachusetts, they allow removal by almost anyone as long as they are properly bagged, tagged and disposed of properly. as far as painting is concerned, don't sand or scrape them.

If you are worried about it, put their stinky paperwork in a plastic bag and hold onto it to show the judge in case they sue.

Those will cash flow nicely, but there isn't as much on the equity capture, so it's a mixed bag depending on your goals.An alternative in the meantime is to look into being a passive investor on other larger properties that have lead investors and watch how they run the syndication and their plan to improve the property.

Especially The Bag of Vermiculite thats is sitting in the attic.4.

Especially The Bag of Vermiculite thats is sitting in the attic.4.

If you do this, you must do thorough DD on the LLC.  10 years from  now the LLC could be sued or a tax or code judgement applied regarding an incident from before you bought it and you'd be holding the bag. 

@Marina Wong it was a mixed bag.  

Many turnkey rental provider operations do cheap renovations, place any tenant to prove the proforma and leave you holding the bag after the sale.