@Darryl S.I've done hundreds of CFDs, I've corrected hundreds more done by others, I've also cautioned attorneys (enlightening them) as to CFDs they simply said they would no longer do CFDs after their enlightenment session.Now, first let's understand that all real estate is local, meaning what is customary in an area may prevail.

There is carpet that needs to pulled up, some paneling to come off the walls and kitchen cabinets to be removed. 

-May be just change cabinet doors and handles?

I have saved literally hundreds of dollars on hardware like hinges, door knobs, window locks/fixtures, screws, etc… on ebay.  

I can definitely help someone out with a few hundred if I'm earning a couple grand from the transaction.

The tenants there are on a month to month lease and are paying a couple of hundred dollars below market rent in the area.  

I've talked with 2 just to get an idea of how they run things (still haven't used on yet) but both of them managed hundred of properties and there default policy was they had the authority to approve new tenants but would work with me if I wanted to be the final approval authority

So if you have a good paying job in LA and can stomach low initial returns....long term the difference will be in the hundreds of thousands of dollars. 

You can do that usually with your local CPA for a couple hundred bucks - write a check and done.

You can get a 30 year mortgage and cash flow a couple hundred every month or you can get a 15 year and basically break even.