Normal Conventional loans do not support these types of projects because of the conditions of the homes. 

although, population growth is supposed to slow particularly after 2050...https://www.brookings.edu/articles/new-census-projections-sh...

I am assuming the $500/month neg cash flow is projected with underwriting that reflects all anticipated costs such as maintenance/cap ex, vacancy, pm, taxes, insurance P&i, misc.  

Rehab consisted of complete gut renovation of kitchen/dining area, new hardwood floors and refreshed bathrooms (new vanity and paint).I am bullish about the long-term appreciation prospects of the property and have trouble envisioning the hold strategy over the next 10-15 years. 

Assuming you paid $80k to buy, $15k to renovate, $5k for everything else, $100k total, and received $35k/revenue a year.

It really is the best way because in one city, you might get a quote of $10k to re-wire, and then your project house cross the country, all the bids come in at $20k.

They raise rents usually a small amount on a renewal ($20-$40) to avoid turnover and if you do a renovation between tenants that usually will get you a nice bump. 

For these reasons I will have to qualify for a loan on the nee house, to pay off the debt that exists and to finance renovations.

I am willing to assist with research, analysis, and any tasks that can alleviate your workload or contribute to the success of ongoing projects.

CA has opportunities for larger projects and MFH appreciation is nearly second to none!