Talk to people and attend investing clubs/meetups to learn how to get those components you are lacking.As far as area to focus on in the Bay Area is concerned, again, this depends on your goals, strengths, and constraints.  

As a serial entrepreneur, I feel REI is going to be a critical component to my longterm play, so it's time for me to become part of the community so many talk and reference!

@Andrew L ,Remember one of the components of the 50% rule is management expenses.

I didn't find any major structural issues and I plan to have a home inspection sniff out component defects which will be deducted if found.I am anticipating a generic 'lipstick' remodel to the tune of $10-12k max.I plan to list flat-fee MLS for $400 with 3% to buyers agent $6900 .I'll have to evict tenants.I'm factoring a 3 month holding time (although I suspect it will be less from what I've been seeing w/ properties at this price point).I'll be financing it.I'm paying closing costs (Title, escrow, etc) $2500?

This is a component of providing a historical report to the end buyer of a rehab property.

There is definitely an emotional component to their sale of a home.

I've read a number of articles and books and am confident that I have the abilities to pull it off, but the biggest question I have is on the financing component of the deal.

Have the property inspected to determine the condition of the major components and appliances to identify what needs to be repaired/replaced and what can be deferred.  

@John Anderson I don't get a credit score from the service; credit is one of the components of the tenant-screening score that I do get.

So it's more of a case by case basis and assessing the condition of each component rather than a general rule of thumb of always replacing no matter what.