Also, not sure what the average  cap rate for this market, so hard to say its a deal or not.I would have countered with comps in hand. 

I have been networking as much as I can (as I live by the philosophy, "It's not about the grades you make, it's about the hands you shake!)

@Federico Morales you are in the envious position of being handed a goose that lays golden eggs, but you are not seeing in those terms. 

I would do two things: get professional bids on renovations (no fly-by-night contractors offering to save you a buck) and ensure I have the funds set aside to cover the cost.If you don't want it, I'm happy to take it off your hands.

The owner/landlord of the other property is as hands off as possible but did try to remove the roommate until he was scared of by threats of litigation.

On another hand, a friend told me that I can complete eviction in 1 month in CA without trial.1. is my friend right?  

It does take time and patience to maneuver through the system but it is very doable with a few connections and an open mind.The storm was a tragic event and I too hope we don't have to experience anything quite like that again, but it has also in my opinion allowed a large group of people (power crews, relief volunteers just to name a few) that may not have ever ventured here an opportunity to experience this paradise first hand.

He's not very tech savy so I said I could give him a hand by helping him post an ad online to try to find a replacement.

Some day I will need to step out of public schools (I teach shop, so I like hands on work) and I'd love to have real estate supplement my income. 

It means I get almost twice the amount of tax protected money per tax dollar handed over.