Even better if you buy 2-4 units, live in one and rent the rest - then repeat every 12 months.

Even as a landlord I would feel uncomfortable with it.  

I'm not even going to show it to them.Just be careful that your prescreening questions/discussions follow Fair Housing law and are asked of everyone. 

The owner is under absolutely no obligation to accept any bid or to even sell the property.

As for the first investment, I highly recommend starting small, like with a turnkey property or even a 2-4 unit multi-family.

In the 2024 insurance market, CA is hard to place, so even though you could force them onto a single policy, it may be more economical to keep them separate.I'll send you a note with the carriers who can do this for you.

Knowing the rent will likely show up each month—even if the tenant has challenges—removes a lot of the uncertainty that can come with rentals.The people listing this apartment as a “Section 8 property” are likely trying to target buyers who value that stability.

I believe IB requires an even longer notice.Best wishes.

Plus is 4% even in line with market cap rates?

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.