@Andrew KatzIn this situation, you can either (a) continue dealing with the pain of having your tenants that pay late and violate your lease terms or (b) deal with the pain of turnover but the prospect of getting better tenants. 

HOWEVER, you can still find deals that hit the 1% rule and positive cash flow.

I am looking for off market deals in the San Diego area.

Too often, I just hear people say they are "looking for a good deal", but defining that good deal in a specific area makes it much easier to spot. 

These deals typically require larger cash outlays (50k-100k) per deal minimums.

To me at my current knowledge level, this deal only works if taking over the loan - to limit the out of pocket money to acquire the property since the outside reno and new septic would take up the bulk of rehab costs. 

I’d like to put it into a large deal as a limited partner (LP).

I'm interested to see what you more experienced professionals think of this deal as its structured as well as being in the predicament of having our agent represent the seller ( as himself) and us as the buyers.

I am patient and can wait for the right deal to come along. 

I'm excited for the opportunity to use what I learn to make this deal happen.