I'm open to wholesaling just to get my feet wet.

I'm gussing this house ws done in parts over time.Re the spalling, look closely at the foundation and make sure its not crumbling...Spalling sometimes is caused by too wet a mixture (failure to slump test), or not knowing how to spec it properly, resulting in a weak mix.Sometimes it will degrade down to the wire mesh or rebars.One area may be spalling and other areas A-OK.Just my 2 cent.

That way you can get your feet wet without nearly as much risk.   

I had a property with a wet basement that was remedied by simply installing corrugated piping to route water from the downspouts away from the house.

A couple of weeks ago, we had a very wet weekend and I noticed water stains in the baseboards of my finished basement.

Now it's all about taking tiny consistent steps each day towards that.House Hacking is a great way to offset your cost, and get you feet wet sort of speak.

We're looking to start with a smallish flip to get our feet wet, limit our exposure and gain experience for bigger (and perhaps different) deals down the road. 

@Kristopher Kelly, wet basements are pretty common in old homes.

and wet (is San Diego ever that wet?).  

It is the easiest way to get your feet wet and into the industry.