With this, along with shifting the utilities to the tenants and reducing the management fee to generate an NOI of around $103k, I'd estimate the value around $1.8M to $2.0M

In my opinion, it is better to get a property rented quickly (even if it means reduced rent) than it is to get it rented for the highest amount possible. 

They already lost some major players due to the state capping rates https://www.foxbusiness.com/lifestyle/california-insurance-c... will all insurance companies stop coverage, raise rates or reduce what they cover?

For the LTR outside CA, forming an LLC in the state where the property is located can reduce administrative costs and avoid double franchise taxes in California.

That 18% premium reduces the cap rate quite a bit.

Focus on tax-saving strategies such as cost segregation studies and bonus depreciation to accelerate deductions.By qualifying as a Real Estate Professional (spending 750+ hours annually and materially participating), you can offset your wife’s S-Corp income with real estate losses, reducing your tax liability.

If this job popped up out of the blue, your intent was not to move within the 1st year, so you may be ok.If you are planning on building a portfolio of homes, it is safest to stick in your home for 12 months to reduce the appearance of potential fraud. 

Dont chase yield and don’t try brrs until have owned a few with tested contacts for labor. 

Many Realtors will suggest purchasing a property using a FHA Loan, to reduce your out of pocket money.

The bathroom tile was 4 days labor give or take but he was also knocking out other stuff.