Fancy!

Currently I use excel with some VB code to get fancy but have been thinking about making an access database to store everything.

It really needs fresh paint on everything, some new window dressings, and perhaps matching appliances (color-wise). 

Lastly, you are also correct that selling the home right back to the homeowner is likely going to get you into trouble.There is no such thing as a "backwards short sale" that is just some guru's play on words to make someting sound fancy that is not even legal.That said, you can certainly find an upscale home where the homeowner needs to short sale it, negotiate the short sale and then sell to another party for a $50k profit.

From the research I've done, it seems there is a frenzy in the "big" markets like LA, NYC, etc that has pushed cap rates on fancy Class A buildings to ridiculously low levels, while the "secondary" and "tertiary" markets have far better deals out there if you really want to make cashflow.This seems odd to me.

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You want to be north of YorkA lot of the action is happening around Avenue 50, walking distance to Cafe de Leche and other fancy shopsEagle Rock is the next Silver Lake of Highland ParkThere is/has been gang activity but the injunction has calmed things down significantlyCan someone comment on any of the above topics, or provide other insights?

Dress well, but comfortable.

Just a regular 3/2/2 nothing fancy. 

Nothing fancy but not a bad area.