QUESTION 2: Regardless of the situation, would you consider it a good deal in a hot California market if the rents covered the mortgage with minimal cash flow?

At that point I can take any pet someone has with minimal risk.  

Supposedly an investor buys a property needing minimal work (think cleaning and painting) then lists it on the MLS for retail sale.

@John Woodrich High rents. tenants will pay a premium if they know their landlord is awesome ;) I did not have a huge pile of cash, but like so many others if you just pitch yourself and your business to friends/family, they will invest in you.

What you plan for is how minimize costs and keep the tenant customer happy, and your property in good repair. 

In full transparency (because I can see the hate coming already, lol) yes, I do have students that I do JV deals with... but no, I'm not looking to make a sales pitch. 

I haven't spoken with the wife yet, but have thought for some time about owning income property.We're very fortunate compared to so many other Americans in terms of minimal debt, but because of our hard work getting to this point, we don't have much to show in the bank balance department either. 

My guess is that if you manage your expectations going in, realize it will be a pitch for a expensive coaching, you will get something out of it.

I've sent mail to a similar list with minimal results and was wondering if door knocking would work better.

This is not to blame that the tenant caused a situation for condensation but it is for not reporting issue in a timely fashion which could have allowed fixing and minimizing the effect.