And assuming you get the tenant out (or get them to pay rent), are those the rents you'd get AFTER the rehab?

 @Deepak Malhotra based on your sales price, I assume this was also sold many years ago.

Let's assume the property is a duplex and sells for 200,000 in Scranton, PA.

1) Yiu REALLY need to know what CA will  allow you to do, I don’t know, but the state may say too bad landlord, you lose. 2) Assuming your attorney (Or you if you’re able to decode the laws that relate to your situation and are willing to go to court in front of a judge against a “sick” kid.) think you have the right to collect the rent I’d give them two options. 

You might decide that you absolutely want to own your own residence there and I assume you can afford it since you already own properties elsewhere, likely in beautiful Hawaï.

Appreciation, in particular, is crucial, while cash flow acts as the fuel to keep the property sustainable.Your Scenario with 2% Home AppreciationHere’s how the deal looks using your assumptions:Year 1 Analysis Cash Flow: -$1,123 Initial Equity: $51,000 (assuming a $249k purchase on a $300k market value as per your report).

Just underwrite a refinance assuming about 30-36% of the money you will receive goes to refinance closing costs at worst, and find discounts when you can.

Assuming you used financing, i'm assuming it appraised? 

Assume break even cash flow while rented which includes a generous $600/mo repair fund. 

Tenants must be 55+ so assumed that tenants wouldn't be problematic.How did you find this deal and how did you negotiate it?