Lending was through Trident Mortgage, but was sold to Wells Fargo a few months ago. 

Because investors can't get a soft money loan?

To soft in the summer.2.  50k population is probably not millionaires. 

Which would allow you to charge more in rent.Besides, if they are complaining about floors that are soft or laminate that is peeling up and they are in their 70's I would be concerned about them tripping and falling.  

Setting aside the cost of living in SoCal the cost of entry for homes to flip is extremely high compared to...well...maybe 95% of the country?  

You have to carry a soft hammer in this business but it's all in what you say and how you deliver it.

If you are soft, guaranteed, you will not raise them high enough.You make annual rent increases a strict business policy regardless of what is happening.

I've been there and almost threw the towel in on one but fast forward a couple years and all my cash is out and it has been headache free.

As far as why this one is for sale, I think the investor that bought it found out how much work was left and threw in the towel. 

We do have a soft deal in place with a family member, where they would give us a loan for the down payment in exchange for an equity ownership percentage of the house.