Now, my take away is that in not as high rent places, it's better to try and find properties that already have them, pay that premium on purchase price, especially if you can find a deteriorated home where you got a deal that is far cheaper than if you had to build one yourself. 

Also a deterioration of the middle class.

But whenever I bring it up, more experienced people than me always say specific performance is not practical financially because it can take 1-3 years on average, sometimes longer, costs 10-20k+ in attorney fees, cash to close needs to be put into escrow and sit there while litigation proceeds so there's an opportunity cost to tying up all that cash, serving the seller/getting them to cooperate can be difficult, they may let the property condition deteriorate, judges rarely force a sale, etc...

Most of them have not severely deteriorated.

although it tough in many markets when 50% of the population rents.. and in some markets if you did not have investors buying these rentals the areas would further deteriorate as there is not enough organice growth and there are more homes than people to buy them as oppossed to rent them. 

Management companies are in a tough situation where property owners expect to see management companies work some sort of magic to show a great profit at the end of each year and this expectation puts management companies in a precarious position where they are forced to keep maintenance costs low and defer maintenance. me.When you do the math and calculate the management company's 6% to 9% management fee, plus the additional re-rental fees, several other fees, slow re-rental process and deterioration of the property caused by failure to check rental units to see if tenants moved in several times the number of occupants, how many unauthorized dogs are on the property and the destruction throughout the property then the property owner is taking a loss many times greater than locally owner properties.As mentions several times, very recently I sold most of my Las Vegas properties only because no management company has the ability to manage my properties to turn a profit as well as a hands-on owner with locally-owner properties.The cost for rental units in Los Angeles county is insane and it took me several years to decide to sell my Las Vegas properties because I can still buy rental units in Las Vegas for less than $100k per unit and the same size units in Los Angeles run an average of about $300k per unit.Even though units are 3 times the price in Los Angeles it still makes sense to sell in Las Vegas and buy in Los Angeles.

Perhaps you can drive around neighborhoods and look for abandoned or deteriorating properties and research the ownership for an investor.  

It may take awhile, but the rust will continue to deteriorate the duct and eventually you'll have the same problem again. 

The property needs a little rehab on the parking areas (broken up asphalt over years of use)Also some concrete steps around the entrance and patios need some new masonry work to keep it from further deterioration.  

Perhaps updated plumbing, foundation, roofing, insulation, electrical service panel, windows, etc. whereas you may find a 1960 or newer property that has single pane aluminum windows, overloaded electrical service panel, deteriorated roof, galvanized and corroded water lines, etc.