As @Chris T. said, wait until you have to deal with contractors and tenants - if you think a blow-off from a few agents and a couple of spam telemarketers are bad, you better go with Amway. 

@Chris T. has great advice.  

@Chris K.

@Chris Ramos, @Andrew Bauer, @David Miller - While your advice is sound, I think you may have missed the subtle mention of wholesaling and the fact that he doesn't intend to close at all.

Thanks @Chris Mason and Thanks @Ryan Scott Isacksen,I have also opened my search up to Emeryville CA as there seems to be no rent control there now.

@Chris Hooker Welcome to Bigger Pockets!

Originally posted by @Chris Latham:@Aaron Mazzrillo  You always have the best advice!  

Especially looking at Tucker which is a city located in DeKalb County, Georgia.Would love to hear your story if you invested in the area and you impression.Thanks!!

One more thing Chris, is there any rules against refinancing into conventional mortgage after all work is done?

@Chris MasonI think it really depends more on what the composition of your tenants and what other landlords offer.Example, I have a couple of different long term tenants and each of them are made up of working professionals but they are not family.