We are pondering the purchase of a property (and possibly the adjoining property) on a fairly major street in Woodland Hills.  

If a great deal does surface it's gone in a few hours.  

Found this in My Texas Real Estate Principle 2 Book"TMARR requires that all persons who conduct assessment and remediation of mold be properly trained and licensed by the state.Under the rules, a person is not required to be licensed to perform mold remediation in an area in which the mold contamination affects a total surface area of less than 25 contiguous square feet.

On the surface, things are vibrant and exciting and on a day to day basis it is a great city.

It sounds at the surface like what you should be considering is another 1031 exchange to move into those new properties you are contemplating.

My dad lives up there and we do stuff together and I'm happy to send him by to give you a second opinion on the renovation.Sounds like a pretty good deal on the surface.

The way I see it on the surface, I'd be better off buying a $400k (ARV) house at 75-80% ARV than a $160k house at 70% (ARV); I'd have a more desirable house with a larger net profit, and if things went sour during the rehab I'd be able to get out from underneath it easier, being that that type of home is more in demand (therefore less risk in that respect).

Now all this crap surfaces.

Take a hard look at the properties for slip, trip, and fall hazards; loose and missing electrical or plumbing fixtures; obvious leak sources- roof, supply piping, or sewage; exposed wiring; adequate lighting in all common areas; fire hazards; sources of combustion gases; pest infestations; peeling and cracking painted surfaces; loose or flaking insulation or other coatings; inadequate electrical, water, or other utility services.Deal with the obvious first.

i've only scratched the surface about commercial.