Both of those websites charge the tenants more than $25 and we require all adults living in our units to pay and fill out an application. 

All the leads I've found so far have balked at either the "investment property" requirement, the "in California" requirement (or both!)

I’m hearing they require higher down payments though.

.: I haven't passed this past legal review so for what its worth: Part of my standard requirements for everyone include income is at least 3X rent, minimum credit score, say 640, Clean record and no evictions as well as deposit is paid in full at signing of lease and 1st month rent is paid in full prior to handing over the keys.

Your $80K HELOC can serve as the down payment, as most lenders require 20%-25% of total project costs upfront.

A standard 1031 exchange requires that the same entity selling the property also acquires the replacement property, which becomes challenging when proceeds are split between partners.Potential Strategy: "Drop and Swap"One approach is the "Drop and Swap" method:- Convert Ownership: Before the sale, the LLC distributes the property to the partners, converting joint ownership into individual tenants-in-common (TIC) interests.- Individual 1031 Exchanges: Each partner can then independently conduct a 1031 exchange with their share, deferring capital gains taxes by reinvesting in like-kind properties.Considerations:- Timing: The IRS may scrutinize transactions where the "drop" (distribution) and "swap" (exchange) occur in quick succession.

You'll need to meet requirements like parking and setbacks and might encounter additional hurdles in environmentally sensitive or historic areas.

There's very little at that price point, not in downtown, not requiring a bunch of rehab, and within 25 miles, except for this: https://www.realtor.com/realestateandhomes-detail/1731-Hale-...?

I personally wouldnt - I am sure you could use the equity to get more than $600/month in cash flow however that would possibly require some work and risk on yalls end.

Are you looking at properties that only need "cosmetic" rehab or are you open to deals that require more rehab?