Quote from @James Nix: I hope your friend quickly learns that no good deed goes unpunished.

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It may sound like a lot, but the right agent will be able to guide you through this process.

And once all the prep is done the painting goes really quickly.

I will definitely check with a CPA. quick question regarding the summary number three:The $12,000 in negative cash flow (Total expenses less rent received ) would be subtracted from the depreciation and loan interest?

Also, It limits how quickly you can scale to the next house hack because it takes more money per investment. 

I am looking for something that would rent easily and quickly and also mostly looking for appreciation since I know getting positive cash flow is next to impossible in the Bay Area market.

Close to LAX so you can get in and out of there quick.

They also have much higher maximums than some private lenders, so if you are looking to take down a luxury property or even a medium sized multifamily deal quickly - these types of lenders can be a great resource. 

Grading slopes toward the house, all plumbing is glued together, breaker box has double tapped wires, drywall is shotty, septic didn't perk but he put one in anyway, etc...My question is this:  With a home like this that could sell quickly once I make a few more repairs, would it be better to sell it outright or hang onto it for a long term rental?