Asset-based lenders are still lenders, and lenders care about your ability (history) of repayment. 

In PA you need to be careful, the state is pretty good about catching onto deals and consider places sold. not only would the owner have capitol gains but then he and you guys would have to pay transfer taxes as well, total of 2% ( 1% each usually). 

It cash flows every month and it works.Also, be careful about banking so much on the appreciation, that's some crazy growth you just mentioned!

They really do not care about your profit, just theirs. 

Any past liens are likely taken care of.

On the other hand, renters are paying the notes so who cares, and a 30 year note would mean lower montly payments, thus a higher monthly cash flow, more houses bought more quickly. 

From there, I read Dave Ramsey's Total Money Makeover, but I didn't care for this book as much.

Very few renters will care about it being finished or insulated, particularly in a warm climate like California.

Nobody cares about your property as much as you do.

You did not mention the age of the property  you are looking at and that could make a difference if anything might need special care today like asbestos, lead paint, and the major draining system.