Hello everyone,I'm starting out from Santa Barbara, CA, though I'm likely to move down to Los Angeles proper (bad news for cashflow investing!)

Not really that bad at all, unless the market tanks hardcore.

If there is no code enforcement it will die in the winter and just look bad until then. 

 I heard from biggerpockets and other speakers that vacant houses are good to target for a better return.Someone in my neighbourhood,MD,left their house and it is vacant now.The people living next door told me they might have left for good for financial reasons.I realy want to buy the house.What are the possibilities and what can i do?

Too, bad.

No deal is better than a bad deal.  

Reserves are money set aside for when bad things happen to your property, like a tenant trashing it, the furnace goes out.

Until that happens this would be a bad idea, not to mention transaction fees are absurd

Not a bad post retirement job at all.

It fit his criteria, I called him up and said I’ve got a good news/bad news scenario.