All of the comments are spot on for things to consider. 

You make the payments to the lender.Oh, and just in case, there are more items to know about when considering a "sub to" transaction but this is just a comment on the payment aspect. 

I constantly get great reviews often comments of how clean the cabin is.

Besides putting together the best SOW using accurate/actual quotes as @Peter Mckernan and @Alan Asriants commented above, another key aspect is tracking expenses (bookkeeping) and monitoring the budget throughout the project. 

I did not read the entire code so I cannot comment and that part but if its code required, you do not have much of an option unfortunately. 

I ran some very basic numbers on option 1 and if you can get a ST/MT rental per your comments and other assumptions you list, this could be a deal for you.

@Bret Hudson: I've been a heavy user of both websites you mention and I find your comment interesting.

But as the previous comments have stated, this is nearly impossible in the greater LA area, and almost impossible to cash flow anyways.

I have seen some properties on MLS that I contact my realtor and they may know right away the reason it isn't selling from showing it previously, or they can review the realtor comments that aren't viewable by the public on MLS.Other potential reasons I have seen properties listed on MLS for a long time. 1) Some investors may not be comfortable inheriting existing tenants.2) It may be it is a class C neighborhood. 3) Structural issues.

Going on three years of being worthwhile.Share in the comments if you love your company's environment too!