You are in a pretty expensive market, do you invest solely in CA?  

Say I want to partner with someone to buy a multi for $400k and after all expenses there's $800 pm positive cash flow.  

My experience is that I can rent a two bed/one bath upstairs apt for $650/month.Mortgage - $300 (assumption is conventional loan...this is variable)Maintenance - $32.5 (5%)Management - $65 (10%)Property Tax - $50Total Expenses - 447.5Net - $252.5Quite honestly, I think I could make these numbers look better (refinance my duplex and get cash out for much less for example), but I'm curious what others think.I should probably state that my goals for right now are horizontal income without too much work.

.-6-units fully rented ( 2-1bdr/1ba, 4-2bdr/1ba)-Sale Price to end buyer = $420K-Yearly rent = $72K-Yearly expenses = $21K (includes taxes, utilities, insurance, garbage, exterior maintenance)-NOI = $51K/yr-CAP Rate (NOI/Price) = 12.14%Please let me know what you think!  

Most of my other expenses are known and these are the ones that I am least confident predicting.  

It is a big expense and I'd rather not choose the one that will delay putting a renter in the house.

Expenses approx $30,000Asking price is $900k, however I learned the owner owes only $120k.

I was fed, enrolled in sports(which can be expensive), my parents helped fund half of my first car, college expenses, etc.

I've heard bad reports about excessive expenses because of required use of General Contractors. 

I think it will be a good solid long term property and it is a great location for me personally (5 minutes from my house, 15 minutes from where my kids attend school, and walking distance to my favorite Mexican restaurant).I have been able to trim operating expenses over $250 per month so far and think I'll potentially be able to trim them another $200 or so per month within the next month or so.