I tried to correct the issue online and by the phone but no success.

Wetlands, underground oil storage tanks, easements, contaminates of other kinds and a host of other issues could exit.

AirBNB is permitted in my county.2. 

The other issue is condos built prior to 1978 in Los Angeles are likely subject to LA Rent Control.

You can take some risk and get an easy 10% (buy a rental off the MLS)... or you can invest some time and inherit more risk (buy directly from sellers or distressed properties with unknown issues) and get even higher.What are you comfortable with?

On the issue of whether it's a good idea  ...

Today, I hate it,  especially for the issues you cited above. 

I have done some Google research and articles point out concern for not being able to see the decking and determine if there are issues and fix them. 

Markets like Reno, NV and to some extent Vegas will continue to have housing supply issues that will drive appreciation and increase rents.

HI BP,I've been thinking about what to ask from tenants in case of issues...besides a copy of their gov't ID (Drivers or passport), credit report stating full name, address and birthday, what else do you all typically ask for?