If it takes two months, apply the deposit and charge them for the remainder.I also recommend you purchase "Every Landlord's Legal Guide - California Edition" and learn the basics of managing your rental within the confines of the law.

If you want to do everything yourself look at the list above and start putting together all the things you would need, the subs you would manage, the materials you want for finishes, if you are upgrading panels, plumbing, windows, or anything major familiarize yourself with LADBS. thats what immediately comes to mind without knowing many details of your purchase or your goals. edit: Rum comps for rehabbed duplex in the area, see what budget you may be able to refinance into in 6-12 months. if there are tri or quads in the area then consider an ADU(or two) on your lot. consider the square footage of your comps and what opportunities you have. read about ADU laws and familiarize yourself with the opportunities. 

Oh, one addition as it's too late to edit. 

i was editing a friends web site, he had REO tapes on ther, i did not know what they were, so i googled it, then enjoyed alot of tume in here :)

(Updated Edition): Make Money as a Landlord in ANY Real Estate MarketEvery Landlord's Legal GuideThe Property Management Tool KitThe Book On Managing Rental PropertiesTax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your TaxesHow To Read A Rent Roll: A Guide to Understanding Rental IncomeThe Book on Estimating Rehab Costs: The Investor's Guide to Defining Your Renovation Plan, Building Your Budget, and Knowing Exactly How Much It All CostsCommercial Mortgages 101: Everything You Need to Know to Create a Winning Loan Request PackageThe Due Diligence Handbook For Commercial Real Estate: A Proven System To Save Time, Money, Headaches And Create Value When Buying Commercial Real EstateThe How to Add Value Handbook for Commercial Real Estate: Generate More Income from Your Investment PropertyWhat Every Real Estate Investor Needs to Know About Cash Flow...

Edited to add: we buy properties there for $110k-$130k to make sure we have a healthy profit margin and tenants always pay for their own heat/electricity. 

To prove it, we even share our feedback forms (un-edited) onto a website for people too see for themselves what others are saying.

What edition? 

Edit: Found an article saying expect about 1.5% higher than non-bk tainted applicants with equal credit otherwise. 

please disregard the above post it was sent before editing.