My dad has inherited a home from his parents and wants to create a real estate business together.

When you are scaling sometimes it requires to do what you need to do to make the numbers work if it is within your control.

There are very specific rules for sending notices to tenants (rent-controlled areas).

This was late in a Saturday night that I was notified, I immediately contacted pest control and had pest control out early Monday morning. 

Russell raises a good point-how much of those costs are due to taxes-ie something you have very little control over? 

Controlling multiple aspects of the business is also a big help.

My wife owns a rental property that we plan on selling in the near future, ie coming months.It is a complex situation, but I am having a hard time coming up with the cost basis of the property, estimating the depreciation, which will ultimately give me an idea of the tax bill due at conclusion of the sale.first, the property was purchased (~1988) with what sounds like a lease purchase agreement by her parents (close family member bought the house, parents made lease payments over time with eventual outright purchase of the home from close family member). in 2008, they move into new home but keep as rental. shortly thereafter, second mortgage made on home to cover costs due to family business that eventually went under.

I live in a different unit on the property and thus am an owner-occupant, so CA rent controls should not apply to me.The Problem:  Come September I receive rent in the previous amount, not the new amount. 

I work ~30 hrs/wk and make more $$$ than I would if I had a traditional FTE job.... but I cant obtain a mortgageWhat are some ideas other than a parent cosigning that I could explore for financing???

That's where the majority of REI are looking, finding, getting into bidding wars, and ultimately bidding against themselves...then rationalizing that they got a great deal...somewhere down the road, based on events they have no control over.