If you also have electric hot water that will be there also.gas (i assume natural gas?) 

I know that's the nature of the beast, but frankly its stress I don't want. 

Do nothing, keep funding the monthly losses, and wait for the natural market appreciation that california is famous for.

Lessons learned are very lengthy, but here's the short list: Always check flood zones, work with a contractor that is used to working with the city and pulling permits, work with a contractor that is used to working with residential properties versus commercial, schedule regular meetings with your contractor to check on status and hold accountable, be sure to consider permitting time when calculating holding costs, and lastly, be sure to have reserves in case of natural disasters (i.e COVID)

These were "Central Gulf Coast parcels" (an area called the "Nature Coast").

@Meghanath Reddy1) rental investments are by their nature long-term.

But it will be EXTREMELY unlikely to find financing for properties of this nature.  

The property could have liens, some sort of environmental contamination, be designated as a nature area that was set aside for a different project etc. 

I think it's super beneficial that you two are working together, and that you'll naturally have someone else to bounce ideas off of when making your plans. 

Naturally my monthly payments increase.