The due diligence is too much effort.

Since rents are lower in those areas sometimes you are better off having a tenant in the unit even if they are non-optimal.So placing a questionable tenant at 500 rent a month to only get 1,000 in 3 months versus the unit getting stripped sitting vacant for 10,000 in damages.If this is an average to better area and a good rental time of the year then it might make more sense to wait.I would revisit your marketing efforts on why this is all you are getting for an inquiry.If you did look at this you might want to check in your state if having additional security deposits is allowed.

For this I would need time and access to the house to have contractors walk through the house and give bids.So I will tell them that if I am going to put time and effort into having contractors giving me bids, I do want the contract signed at the value they owe, but if I can't have the contractor's numbers work for this deal I can walk away.I have noticed that absolute honesty and being open and direct will get people to let you do a lot.I am confident they will accept the terms as they really need to sell.So basically, I can still try to make it work (for us all) and if I can't I walk away.Any thoughts ?

Glad you got paid for your efforts.

might also depend on how much profit you like to make -if you can add another 100 Sq Ft at $90 / sq ft ( I have no idea what construction cost in L.A ) and that 9K translates into another 70k then it may be well worth the effort to add on the the extra rooms and add another bath assuming you have the money to do the rehab , the time to complete the project, and the ability to carry the property till completion. 

If you can't be the expert what you get are unsophisticated whizbangs who are usually nothing more than richer than you are type predators trying to pump up their net worth off of your efforts.

I donate to the lobbying effort to keep Washington State laws landlord friendly.

If you truly listen and are genuine, most folks will open up like a book.

I a considering asking for my cashback.I bought haing attended the seminar where the speaker seemed very genuine - his name was Danny Silver and he had connections to the Rothschilds or so he said.

That's alot of time and effort for nothing.I always call, it's more personal and while it tips your hand in that you are interested in the property to a greater degree than a mailing, since you tracked them down, it gives you the opportunity to ask questions to determine the degree of motivavtion.I guess this post is evidence of the gift of perhaps meaningless gab, but that helps in cold calling.