The leases are month to month and 2 of the tenants seems to be long term tenants (10 years!)

Given the vague post, it's really hard to say.While I do work Riverside County and currently belong to the Estate Planning Counsel, I don't go out of my way to do business in the Palm Springs area because of the high price volatility during low economic times.

If you have good relations with the neighboring property owners, ask them to let you know if it looks like demolition or removal of the major appliances belonging to the rental.  

Renter's insurance is kept by the renter for their own belongings and in case of break and enter.Let me know if I can assist you with anything else?

The Great Recession changed all that and I was forced into the rat race which was never a place I ever felt I belonged.  

Brian in addition to what @Rick S. mentioned, I would also have the seller have the tenants sign a statement - which you will provide - that they understand they must move out within 30 days after closing (which will actually be longer for them considering it seems like your just in the beginning stages of purchasing) and then assign a dollar amount for each day the tenants much pay for each day they go over 30 days - think incrementally, to give them an incentive to move out.

I was using an MLS yesterday belonging to a RE Agent friend of mine to find homes bought in cash recently.

I belong to the Local REIA and Landlord Association here in Philadelphia where you can conduct a lot of great Due Diligence.

If you do it will be longer term and more stable. 

You will not be able to move those if you and/or your wife currently work for those employers.With a self-directed IRA, a strategy of combining funds belonging to you and your wife, for the purpose of flipping is very complex.