$80k may seem like a lot to non-californian's but it's not enough to put food on the family table AND put kids through college.  

The thing with tax deductions is there are two classifications of landlords; business owner or investor.Here's the table of contents for a relevant Nolo book:http://www.nolo.com/products/every-landlords-tax-deduction-guide-dell.html

First thing I would like to know is how much money do I realistically need to bring to the table?

We've worked on quicker table turns and takeout, but we just need more space.

There are many stories of people (smart, young, old, etc.) and companies (large and small) getting caught up in the process and paying more then they intended or should.This is where experience, research and knowing the local market can give you a real advantage.I would consider putting in a low ball starting bid just to reserve my place at the table.

Hi all, I have spent my entire life in human services and social work and to be honest I really don't have anything to show for it except to know that I have made a difference in the lives of many people. I am in my 5...

Since I am not bringing any capital to the deal, I don't expect a large % of the profit, but I also don't want to leave money on the table either.

In a flat or declining market, you really need some money on the table from the start.I assume you are buying in San Luis Obispo.

I can educated guess the interest rate at the time and calculate, via amortization tables, how much they need to get out from under the mortgage(s).

Attempt to outsource everything that does not involve me sitting at the dinner table with a seller because that where I make my money.