Its extremely important when running tighter margins like what you're talking about to focus on age of HVAC, water heater, appliances, roof, etc.

Keeping investor money safe in this environment requires extreme amounts of investigation. 

So, if you can dump 5k onto the HELOC early in the month, and pull that out progressively over the course of the month, you're saving 2,500 * (.04 / 12) = $8 per month (2,500 would be the average daily balance if you pulled the 5k out evenly over the month.)We did dozens of hypotheticals, and even the more extreme ones topped out at $10 per month.

This can be extremely costly.We have a two step program has no waiting period at all and will end up being quite a bit cheaper then the 3 month waiting period on closing costs, rate and NO pre-payment penalty. 

The other extreme is you could be your own GC and price out the various trades you need and coordinate the schedules. 

California has extremely high home prices, Taxes and HOA's in some places.

The amount of cash-flowing deals in your market is extremely low, so when you get one you should hold on to it as long as you can so you can reap the benefits of that LA appreciation especially if the property is in a good location. 

@Tom StevensonHELOC money is extremely expensive - if you buy something that is 100% financed, either entirely with the proceeds from the HELOC, or with HELOC money for the down payment and a conventional loan, you will lose money.

You can probably find an online link about how extreme temperature changes are not the ideal way to heat a home and cost more in the long run.I don't know what the local rental rules are where you are, but look them up and see if you can give her notice. 

Prices will be extremely high - I don't think most investors are buying in these areas unless you have a lot of money and plan to house hack.