One thing that makes me nervous about low cash flow is the potential repairs could easily eat up my cash flow or put me in the hole.

You are only looking for a few pieces: king bed (if you can make it fit), bedside tables with lamps, a small table (if you don’t have a built in eating counter), a couch and a rug to tie it together.

Also if you’re renting out the property that’s going to heavily eat into your cash flow.

At 6% that would basically eat up the monthly income and my portion of the pie would be 20% on the profit, is this common? 

Basic information of the unit: high-rise condo, 1be/1ba, 630 sqft, no short-term rental restrictionsTargeted customers: younger customers who are here for main tourists attractions, as the unit is walking distance to major attractions in the cityScenario #1:Remove the carpet and refinish and stain the tile hardwood floor under the carpet into coffee (or slightly lighter) colorReplace the kitchen countertops into white granite countertopsLower the breakfast countertop and replace it with a larger white granite countertop (with possible two extra legs), making it an eating area.

Potentially higher returns (though maybe not considering house hacking as an alternative)Cons of buying out of state:All the difficulties of purchasing / managing an investment property at a distance--especially as a first time investorHaving property management fees (and maybe turnkey costs) eat away at the returnMy main question is: Should I even consider buying a duplex in LA with our (potentially) short time horizon?

Otherwise you end up paying unnecessary closing costs for a refi that will take you time to recoup and ultimately eat in to your cashflow.

If you are in the right location with the right demographics, some money can be made, but there are a lot of variables that can eat up your profits in a heartbeat.

Eat your heart out!

You might also want to double check the taxes on similar properties because it could go up afterwards and eat into the cashflow.