I am still developing a strategy but I would like to rent out a place that me and my family would feel comfortable living in ourselves.For work, I am an AI analyst for the Army Corps of Engineers.

Another option is to find a good local architect, civil engineer, or similiar third party consultant to take a look at it and let you know their thoughts on the viability of developing it. 

That's how you decide if the project is worth doing before you start spending money on architects, engineers, city fees, etc....Or you could spend $30k to get your plans stamped and then run the numbers and find out you can't afford to do it....Just curious....how much are your architect and engineering fees?

The very first thing to do is to do an 'Engineering Based Cost Segregation' study performed to see where you can get back some serious money, using your rentals, to get back some serious money from the IRS.

If you want to do a COLD reach out to investors, try reverse engineering a zillow search of recently renovated properties listed for sale in San Diego.

If you ever need a structural engineer to be added to mastermind group, give me a pm!

-Has no crawlspace (common for older properties) so we couldn't see the foundation-Drywood termite/wood decaying fungi damage seen on all the windows/doors/parts of the beam on the exterior, parts of roof decking and rafters in the attic-Old leaks/moisture damage seen in the ceilings and attic-Parts of the roof has patch work-Roof doesn't have any permits on record (don't know how old it is)Seller's offer to me:-Fumigation treatment for drywood termites (tenting the house)-Replace and repair all damage wood throughout the house-Replace the entire roof with a new permit-Replace one window in every room (not all)-Pay for a structural engineer to inspect the foundation-Offer to get quotes for repairs and have a 15-20K budget to make all repairs, house is 500K.

I like bringing engineers out since then bring companies out to bid on the work to recommend. 

Go to your favorite search engine and look for "fake pay stub" and you'll see what I mean. 

Engineer, accountant, teacher, management and attorney are the careers most likely to produce millionaires.