The property is located in LA, my main objective was to find a property that will produce positive cash flow and the intangibles is that it will be close to my parents.

My objective is to get you the amount we agreed upon through whatever resources I can.  

Have you had anyone with experience look at this property for you to provide an objective analysis?

Financing contingency, HOA, title commitment, seller's disclosure, survey objections and the such. 

Right from after the time I showed interest in making an offer, he has been stylishly telling me to make high offer as the area is expensive - so he said but I objected and made an offer through him for an amount 25k less than what he proposed.

Right from after the time I showed interest in making an offer, he has been stylishly telling me to make high offer as the area is expensive - so he said but I objected and made an offer through him for an amount 25k less than what he proposed.

Ultimately, the objective is to subsidize the burn as much as possible.

And I'm not saying don't invest in socal as everyone has their own objectives.  

I do not have an objection to buying in other areas of the country.

You mention a condo, I hope you have worked on the the cash flow and other scenarios (condo association fee increases, etc.) to make sure that in the LONG run this is a good deal and fits your long term objectives/goals.