I'm a broker in CA and that's just not possible, especially when you completed your due diligence in 10 and wanted to cancel escrow. 

The bottom line is that your scenario is possible.

Done right 2%/month return on asset value is possible. 

@Sean O'Keefe Sean, if possible, I would also appreciate a copy of the log. 

Actually, it is possible do structure a 1031 Exchange on the sale of one or more relinquished properties and then using the proceeds through the 1031 Exchange to construct improvements on real property you already own.

Although it is possible to do everything 100% remote, most people I know who are self managing do come on site for a few days or weeks to meet and sort of interview the team they are building.You will need trusted cleaners, handymen, and also good recs for trades i.e. roof, plumbing, HVAC, etc.If you need home setup in most markets there are designers who will handle the whole set up for you, and I would want to interview them as well.  

It's possible tenants would fill basement with junk and leave it behind when they leave...

Be as conservative as possible. 

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

Whenever I show the property, I try to make it as clean and organized as possible so that it looks appealing to whoever is interested.