I would start with them.I am not based in LA, so I don't know your exact laws, but I think I can still provide some initial direction for you to find answers, and maybe offer an idea to research.  

I'm not sure exactly where you're located, but according to HUD, the fair market rent for a 3-bedroom in St.

If you don’t believe in BiggerPockets message or mission then what are you doing here on the forums exactly??  

•This balloon payment will be paid through a cash-out refinance of an investment property valued at $198,000.7.Remaining Balance: After the balloon payment, the remaining loan balance will be re-amortized over 5 years (60 months) at the same 6.5% interest rate.Payment TermsInitial Loan Terms (First 24 Months):The monthly payment for the first 24 months is based on a 12-year amortization schedule:Monthly Payment for First 24 Months: $1,573.39Remaining Balance at Month 24 (Prior to Balloon Payment):The balance after 24 months can be calculated using the amortization formula:Remaining Balance at Month 24: $157,113.92Balloon Payment:The balloon payment will be 50% of the remaining balance at Month 24:Balloon Payment Due at Month 24: $78,556.96Re-Amortization of Remaining Balance (After Balloon Payment):The remaining balance after the balloon payment will be:This amount will be re-amortized over 5 years (60 months) at the same 6.5% interest rate.Monthly Payment for Final 60 Months: $1,541.18Summary of Key Terms:•Purchase Price: $215,000•Down Payment: $43,000•Loan Amount: $172,000•Interest Rate: 6.5% (fixed)Initial Terms (First 24 Months):•Monthly Payment: $1,573.39•Balloon Payment Due at Month 24: $78,556.96Re-Amortized Terms (Final 60 Months):•Remaining Balance: $78,556.96•Monthly Payment: $1,541.18Additional Conditions:1.Prepayment Penalty: None.

"It's a numbers game".Ohh and please ignore all the other people here on biggerpockets asking the exact same question dealing with your exact same issues complaining that they all are getting the same horrible results.

And, perhaps most importantly, make sure you have access to flexible financing options that can help you adapt to new market conditions.

Was the condo a good size unit and in good condition?  

Exactly.

It all depends on area and condition.

Can you get access to the property in advance to verify the condition?