And remember if you are spending the cash flow vs using it all to grow, it will take a long time to get anywhere.            

Going to hold the two I have long term and try to add 2 or 3 per year.

Having a local handyman or someone you know to look over the property is helpful, but I think you can do without property management if you are dealing with long-term rentals.

Anyone who's been observing long-term trends will likely be thinking: I should be getting my FIXED Interest Rate Loan in place NOW, rather than waiting to do it in two years time.But here you are, being lured into doing just the opposite?

How long did the project take?

C Class Apartments are fine as long as you buy in a good location. 

Buying a duplex-quadplex is going to be your best in terms of cash-flow though.

I actually ended up working with a DFY arbitrage program that finds the right property, negotiates the least terms with the landlord, and even has an interior design department to set up your listing.

Another scenario could be that once the investor has the deed and I've been able to do proper due diligence on the property (value, title search, etc), I would consider lending against the property including renovation funding (per my terms).   

Life long Yorba Linda resident, because of the school system and safety Yorba Linda homes tend to rent out quickly.