The house was built in 1960, so when it was put it, there were probably not rules against it. 

I wasn't able to find anything on this though.Does anyone know what is required, or have a general rule? 

Obviously the property is very solid and LTV is 75-80%, but as a rule, it does not hold forever...

But ya I aimed for 3 bed 1-2 baths, cuz I can always live in one of them, or the basement if it is good enough to clean and actually stay. and rent out the rooms. check out prices for one room in your area, or near by apartment complexes and base your numbers / deposits and rules off of them

@Ovais Zuberi, so it looks like you'd be into it for about the "1% Rule" mark.

Plus many have an LLC to somewhat protect their identity

Of course someone may have painted a room in 1980 with paint bought in 1970, but it's a nice cutoff.I also remember a new EPA rule that went into effect in 2009 or 2010 that requires contractors and repairmen to do cumbersome lead checks on houses built before this date.

I am still getting familiar with the “rules” of property valuation, most of the multi family homes in the area are understandably expensive, what would be generally competitive prices for a triplex in the Long Beach, Dana point area?

This is not to say that they have not placed a good tennat and would not rule out a inherited tenant.

Hi Joseph,A good rule of thumb that many full time rehabbers also use is netting a minimum of 20k profit.