Welcome - I also live in San Diego but maintain my investment company on Oahu where I do all sorts of deals.

It will never get maintained like it should. 

I'm trying to be positive and not just throw in the towel.

For fun, I'm teaching my buddy's kid how to dirt bike and maintain an old dirtbike. 

Therefore, when they move out of the property you will have to re-landscape because it will not have been maintained to a level that you would approve of.5.

If you take an equity position, you have to be ready to be in the "wait for your money/landlord business" instead of making money now.

If I'm making 1K positive cash flow after rehab, in 5 years that amounts to 60K, but if you pay it towards the principal in another 5 years your mortgage is gone and your cash flow is more than doubled.

In order to get positive cash flow, I'd have to stretch the rent amount just to break even.Another financing option would be to re-fi the condo again, basically re-finance remaining $66,000 amount with 20% down @ 5% on a 30-yr fixed:Rent Summary: I'd have to re-fi & put 20% down in order to have good CoC return (down payment + improvements + agent fee + closing costs), as well as a positive, somewhat plausible cash flow.

Having lots of prospects puts you in a very different position. 

When I was struggling to find the next best move and looking at his last move, he said "beginner players let stronger players lead them around the board because they don't understand the strength of their own position."