I looked into it, but backed out as title is almost always never a clear cut and dry situation.

@David Krulac and to follow up your train of thought why for someone to be successful at it they need to have more than passing knowledge and or be taught from a weekend course.However this thread is about CA. and its pretty cut and dry in this state.Washington is just like CA... but Oregon is far different they do not like to sell tax deliquent properties and will go to far ends to keep that from happening..

In my particular area these bank owned lots are drying up if you are looking for top quality lots.

While the rules seem pretty cut and dried theres a bunch of ifs, maybes, and nuances that can be crafted to your specific situation.Your coming in at a good time.  

The ink well is dry.

You have to remember this is a greater risk for you, because as people have said they can leave you high and dry during a bad time of the year.

The opportunity makes the money, not the opportunity fund.I'll probably get blowback for this, but with money above reserves and dry powder, I buy a couple stocks that are best in class and trade in predictable ranges. 

You can cut vents into the walls and the natural airflow should be sufficient to dry it out.

For a sub $100K rental property: Lowes Project source 7mm wood laminate at $.60 / sq ft in dry areas.

If it’s covered in paint and dried in it - no cleaning will get that out , it’s toast .