@Mike Castellow having read through your subsequent posts and gaining a better understanding of your mindset, I'd also recommend looking in some of the smaller towns around the area...

Three construction loans are due now and three homes sit on the market still: One completely, beautifully done and on the market a year now in Agoura Hills, CA, One not rehabbed because he promised to provided rehab funds for it, but backed out (we are subsequently unable to find a lender to finance the rehab because this purchase's deed was encumbered by a first AND second for the purchase).

and that provides a constant stream of cancellations, people using pot in the apartment and messes throughout, having to cancel subsequent guests and spending hundreds on cleanup, people smoking against rules, extra guests that were nondisclosed, police visits—yikes.

I think it's the market with the 3rd most appreciation out of any city and I think it was #1 in 08' and also fell the most in the subsequent crash.

Plus, once you verify the quality of the product and the trustworthiness of the people on that first investment, the whole 'trust' thing becomes a lot easier for subsequent investments with that provider.Sounds like your work schedule really does dictate that you go the turnkey route for now - and you're definitely not alone in that.

If the storm blows a hole in your roof, any subsequent water damage will probably be covered.  

Also as expected, they couldn't resist the temptation to question the legality of purchasing a property for cash and subsequently reselling for a profit.

How do I avoid having this partner just going around me for any subsequent deals to a buyer used in a previous deal as to avoid having their profit cut in half and sharing with me?

(1) An "act of equity skimming" occurs when:(a)(i) A person purchases a dwelling with the representation that the purchaser will pay for the dwelling by assuming the obligation to make payments on existing mortgages, deeds of trust, or real estate contracts secured by and pertaining to the dwelling, or by representing that such obligation will be assumed; and(ii) The person fails to make payments on such mortgages, deeds of trust, or real estate contracts as the payments become due, within two years subsequent to the purchase; and(iii) The person diverts value from the dwelling by either (A) applying or authorizing the application of rents from the dwelling for the person's own benefit or use, or (B) obtaining anything of value from the sale or lease with option to purchase of the dwelling for the person's own benefit or use, or (C) removing or obtaining appliances, fixtures, furnishings, or parts of such dwellings or appurtenances for the person's own benefit or use without replacing the removed items with items of equal or greater value; or(b)(i) The person purchases a dwelling in a transaction in which all or part of the purchase price is financed by the seller and is (A) secured by a lien which is inferior in priority or subordinated to a lien placed on the dwelling by the purchaser, or (B) secured by a lien on other real or personal property, or (C) without any security; and(ii) The person obtains a superior priority loan which either (A) is secured by a lien on the dwelling which is superior in priority to the lien of the seller, but not including a bona fide assumption by the purchaser of a loan existing prior to the time of purchase, or (B) creating any lien or encumbrance on the dwelling when the seller does not hold a lien on the dwelling; and(iii) The person fails to make payments or defaults on the superior priority loan within two years subsequent to the purchase; and(iv) The person diverts value from the dwelling by applying or authorizing any part of the proceeds from such superior priority loan for the person's own benefit or use.

If you bid it in at 18% and it goes the full term, you will receive 108%, if it redeems, not counting any interest on any subsequent taxes that you might pay.