I have saved up some money for that and want to make sure the numbers are not off before venturing into it.all markets are unique and Texas is at least for the lower value assets 150 to 300k pretty low margin area.. where builders just slam out the houses.. so if they make 10% on a 150k but build 100 of them a year.. pretty competitive there and you can build as cheap as anywhere in the country in Texas from what i see.. heck I pay more in building permits alone on some house than a builder in Texas will pay to build the entire structure :)  good luck. 

I feel as though I have a unique advantage being that I am a licensed building engineer and HVAC contractor.

But before doing that, you want to talk to city planning division and city permits to see what you can actually do with the property.

Unique situation which required a lot of patience and some terms most investors wouldn't be interested in (extended closing timeline, rent-back to owner after close, etc).

Unique situation which required a lot of patience and some terms most investors wouldn't be interested in (extended closing timeline, rent-back to owner after close, etc).

You have a very unique talent...

Was there a specific department/division I specifically address these questions to?

Your unique objectives and goals as well as the amount you have available to invest will help you find a good investment rental property.

Los Angeles is a unique, dynamic, and expensive market.

Any issues or unique protections that I might think about using to ensure my position in the deal?