Just like any market, it has its quirks on what to look out for and what to expect. 

Quote from @Eli Edwards: Has anyone ever tried to bring a homeowner/seller in on the flip?

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

Check out Whit B. on Bigger Pockets posts.

Now the property has been sitting on the market for months.

Outside of West Oakland, what areas would you say are likely to go up in value over time - what pockets/neighborhoods are you looking at? I am considering purchasing in Lower Dimond and any of the directly adjacent ne...

Why ask: Learning how your mentor handled failures or setbacks will help you gain perspective on the full spectrum of risks and challenges in the field.

I need more advice
Just now I suddenly had an idea, the land left by the LA fire and SB-9 (SB-9 allows single-family residential lots to be split into two lots)
Is this a good opportunity?

It sits on about 1000 acres 30 minutes from Fredericksburg. 

Run your numbers based on youre required return given what youre likely to have to spend and the amount of headache, risk, and work you have to do.