I have been in sales and marketing for almost 30 years. but I have a few major questions that might answer the question of why so many fail at it.1) Do you need a license in the state of California to close these transactions?

Optional - Get a college degree in real estate ( Florida International University and University of Florida offer fully online degrees in International Real Estate and Real Estate Finance).  

Local realtor groups/real estate agencies usually have draft contract available for free online that has been approved by the state bar.

If you have good relations with the neighboring property owners, ask them to let you know if it looks like demolition or removal of the major appliances belonging to the rental.  

Given the last time it was purchased was 1984, there could be some major repairs needed in the not so distant future such as roof, heater, electric, plumbing.

Read books, articles online, but none of them gave me a clear direction on a starting point.

The majority of my inspections are generated by Home Inspectors.

The most important factors are tenant selection and keeping the good tenants so that you have little turnover (major expense). 

@Phil Bach, Hello, The foreign money from China, England, Russia and Brazil that has been buying up all the high end real estate in major cities around the world has been driving those prices sky high as the investors try to protect assets and launder money.

It doesn't quite meet the 50% rule but I'm paying it off in 15 years instead of 30 and I could always re-fi or get a HELOC to get some of my cash out if a major expense like a roof or something popped up.