The first day we arrived at the house, we found one of the secondary bedrooms locked.

Can you please give me an example of some liabilities issues that can arrive by her sister not being on the lease.

If you want to dissent, petition the government for policy change, etc.

My attorney was concerned that it would drag out while we petitioned to get out of the bankruptcy because we didn't want money, just possession.

Without asking me, the PM said it is okay, so the tenant moved forward with leaving her daughter the keys to the home and wrote a notarized letter stating she is leaving her daughter in charge of her responsibility and possessions in and of the house.The PM told me the neighbor daughter was just some neighbor living across the street, failed to mention the agreement he had with the daughter and the fact that she is actually the tenant's daughter and asked me to go get the keys from her when I arrive at the home.I got angry due to the amount of liability risk involved with this and told the manager he has 24 hours to fix the situation before I send him a lawyer's letter. 

We left a check for the earnest money with our realtor and the contract arrived via email while we were driving.

You can then use a 20% required return on your equity to arrive at YOUR overall cap rate:(.75 * 0.08947) + (.25 * .20) = 11.71You claim the NOI is $50,910 (which needs to be THOROUGHLY verified based on ACTUAL numbers today), so the seller would need to accept something around:NOI / Cap Rate = Good Indicator Of Value=> Good Indicator Of Value = $434,756I would start under that number and work your way up.

I have spent about a few solid half-days looking at LA deals, but the only conclusion I could arrive is it will be better to find land deals and build your own market.

the mileage starts when you arrive to the rental.

Are you contributing to the household by cleaning the house and having dinner ready when she arrives home?