Initially with the 3 rents it looks like it would be a go for me.

The initial numbers seem good to me.

We have several 8 year properties that the tenants have paid 100% of the initial purchase price of the property.

We did get much lower costs when we changed to minisplits but the initial cost is high.

Get a handful together to start, so you have some cash to initiate the class action.

If you kept the property, and accumulated the CF/yr, it would take you 25 years to get that same equity that's sitting, frozen in your property.Also, if you cashed out and used that same equity as a DP on different RE, at 20% DP, that equity would buy you $2M in PV, not just $700k,...and, I'd be willing to bet, you could find new RE that would have a yearly CF well over $20k/year.On top of that (remembering my initial statement above), any appreciation applied would be applied to $2M, not just $700k. 

The best thing you can do is familiarize yourself with Housing Quality Standards (HQS) and ensure your property meets them before your initial inspection.

Typically, the initial upfront for the rehab is either cash or a high interest loan (hard money or private). 

Our initial plan is to house hack a quadplex somewhere in Orange County.

@Sean Gallagher - My initial reaction is that if you're thinking about a property manager to help oversee the daily operations you're probably at a point where you need to get one.