WHO you want to invest with - find a good TK that you can trust...go see them...meet the team, make sure all the documentation is in place before pulling the trigger.  3rd party inspections can go a long way to ensuring you've got a good property that will perform for a long time.

If you say 'YES' to all of these questions, I think it is time to pull the trigger.

I would have thought your mention of me would have trigger a notification.

If this was bought at auction they may have been waiting for compliance, may have been backlogged, or may have scheduled inspection as soon as the proper department was notified that a sale took place without an inspection.Some places give a lot of leeway for authorities entering a property. 

Anyway, the short responses to your questions1- live-in renovation in 2011 FHA-insured loan2- tenant screening is key if you are going to be neighbors with your tenants...and introduce yourself as the "property manager"...separation makes things easier when you live next door. 3- first time...total guess...got lucky and settled into a $40k equity position from onset...did lots of homework, but limited to zillow back then...4- don't be afraid to pull the trigger on a deal. consult a great local agent and be confident your numbers meet your needs.

Can this be done in California without triggering a reassessment of property tax or any other negatives?

In my case the cash flow is not great on this property and if I was forced to bring the the property into compliance according to current code it may be best to just sell it to someone who would convert it back to a single family home.

After having been shut down with a "Stop Work" order, I was forced to drain my cash reserves in meeting the ever changing code . compliance.

I am constantly watching the BP podcast and reading books, and I can't wait to pull the trigger on my first rental property.

We are getting closer to pulling the trigger, but not quite there yet.