The tenants daughter was grease frying chicken in an open pan on the stove.

I'd lower the rent for your analysis and see how it pans out, so you have real honest numbers to be used for your rental.

So in my case if all pans out, $120.000 borrowed, would cost me $1230 a month in P+I.

Now it's off to due diligence period and if everything pan out will be rehabbing in a few weeks.

Your taxes are not correct .. restructure this deal and this may actually Pan out to be a good deal if you could buy it with all  cash and not put 30 grand into it or hope to brrr it .

If you have a pan, water, and an open flame - put them together and you will have boiling water, It's that easy.

(well you can't go West, that's the Pacific Ocean)I've been looking sporadically in places like Riverside County (Hemet, Menefee, Lake Elsinore, etc.) and San Bernadino County (Yucca Valley, Beaumont, Redlands, etc.)You're talking a couple of hours drive from LA proper if you're already in LA and plan to do your own maintenance.

If your comps indeed pan out that way, why not buy the New Britain property, then refi and be back where you started out?

Initially in the sale I was under the impression he would be gone but that didn't pan out. 

I bet the homeless guys that pan handle on all the corners around here would jump all over that for $5/sign