He advocates Los Angeles investments that typically do NOT cash flow year 1-2/3 (even through year 5 at times) but will lead to high cash flow in later years (and hopefully appreciation as a bonus); these are ideally debt-covering assets (ideally, right, if CapX doesn't slap your year around) with the goal is to buy and hold until the property is producing strong cashflow.Is this really the mindset of LA investors?

Ideally the lot would be grandfathered into whatever use you anticipate for it.

Also, I forgot to mention, I would be ideally be purchasing properties with a much higher market value, so I may or may not have to deal with those provisions. 

If the house isn't set up ideally for section 8 already, it can be expensive.

It's a gray area, but I deal with it.

I last posted back in September and since then I've gotten married, went to Hawaii on my honeymoon, and am super close to closing my first deal.

I deal with this question all the time with our clients and I tell them they should never try to manage or repair their own properties unless that's what they do professionally.I suggest you do a little research on the other markets available to you.

The seller also wanted to avoid a large tax liability.Armed with this critical information, this is how my father structured the purchase that best suited both the seller’s needs and requirements as well as make the purchase ideal for my father.Without a down payment, the seller financed the purchase with no payments due for 2 years unless part of the land was sold.

As well as many areas in Alberta with high economic growth and fast paced growing towns/cities, this would be a very ideal place to prosper your oppurtunity.

I am in the cash flow business so I deal with people with owner financing.