On top of that, we are the logistics hub of the state and with everything shifting to a shipping heavy society, that does bode well for the area, especially Bakersfield who can reach 90% of CA population in less than a 5 hour driveLooking in particular at Bakersfield, you will see that the population has one of the higher growth rates, and if you come and visit us, you will notice that there are many different warehouses that are coming up all around us.  

One morning told my wife I want to start looking for multi unit properties and pulled up multilistring on the web, after a few minutes saw the property, saw the potential, did some light due diligence, called my realtor, walked it a day later, pulled up tax records, noticed owner behind on payments and it was distressed just enough to make it tough for him but perfect for me & rents were below market rate stress due to lack of improvements...bam!

Stress of problems makes them withdraw. 

It may be well because of internal stresses of the concrete slabs and the foundation/walls, however that means the foundation is not doing so good. 

Is it just this property that is stressed or are others stressed.One last thought - CAP rate calculation does NOT take into consideration debt service. 

I wasn't terribly stressed about it but just wanted make sure i wasn't being ripped off. 

Wanted my first deal to be small enough to manage and not stress financially How did you find this deal and how did you negotiate it?

From your financial strategy, to your property management plans, you will be more successful and less stressed if you put in the time now to create a strategy for the long term. your first investment property is a big step.

I've felt stressed and pressured because I'm worried about the market dropping before I get my license.

Usually aging landlords of multi-family properties (2 to 4 units) are pretty responsive, and a lot of times I have found out that they are willing to finance for short term or work out other creative financing.I suggest that you pace yourself when buying multi-family. 3-4 properties the first year, until you get the right team in place and also build up your cash resources.Initially I purchased 16 multi-families in 18 months (back in 1991-92,) but it was stressful and not having the right workers and management in place, we had to do a lot ourselves, and my husband being in the Army ... it wasn't easy.Recommendations and word of mouth are your best resources for contractors, etc.