I would prefer 4 doors in one property making $14,000 a month versus 20 doors with an average rent of $700 each (presumably across 5-10 separate properties).

These disclosures vary based on property type, but often include things like known flaws with the property, prior improvements or repairs, and potential environmental hazards.

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Also, being in CA, prop 13 gives you a great advantage in paying low property taxes versus other states where property taxes continue to increase as it is assessed annually on the value of the property. 

There might be loans available for you to use to construct improvements on a property with no equity but I am not aware of them.

I’m wondering at what point do you say this property isn’t profitable versus this is really bad property management who doesn’t care and lost this owner a lot of money?

But good luck finding a place like this that doesn't need $15K in improvements to get that kind of rent. 

I am looking for creative ways to improve my deal flow. 

It would be helpful to convince them to include the rental income in the denominator, which would improve the DTI calculation.How many units are in the property you're trying to purchase?

They could also give you recommendations on what improvements could bring additional value in your market.