Quote from @Sean O'Keefe: Correct, California is uniqueThis is a rather diplomatic statement, Sean  ;) 

Quote from @Marc Zak: In the market where I live (San Diego), appreciation has been strong and many predict it will continue to appreciate in the long term.However, with current interest rates (6% at best) and property tax (2%), the annual cost burden is 8%.Am I correct in saying that appreciation has to be above 8% annually (plus whatever my maintenance and vacancy costs are) for me to make any money in this scenario if the property is cash flow neutral?

Transcribing transactions from bank statements, posting transactions to the correct accounts, and then manually creating an income statement, statement of owner's equity and a balance sheet is a fairly time consuming process and I have not been able to keep up with the book keeping between my regular work responsibilities.What accounting software do people recommend? 

Drew and Simon are correct.

Seller financing can be a valuable tool when used correctly, but its effectiveness depends on how it's structured and implemented.

Is it wrong they tell the investors if asked to say they are "partners", or "contractors" just bidding the job? 

So yes, get a good General Contractor and have him bid it specifically to what you want. 

Two years is a long time for rehab, did I read correctly?  

The contractors who did not give me detailed bids, or even formal bids at all, were quoting me between 15-45k just for labor.

You do have to make sure to price correctly.