There is a lot of material and I feel that additional prep is needed for the exam.

This deal has more hair on it than just QCD:original owners were foreclosed upon by Fanny Mae;then the property was transferred or sold by Fanny to this bank;the bank has been sitting on it for 4 years and finally decides to sell, butin addition to QCD they want cash only (not even hard money);10% earnest money deposit - I have no problem with it if I can get it back in case the deal does not work out - but they allow forno option period and no contingencies of any kind!

Additionally, if someone knows a great tax guy/gal, that would be swell.  

After a completed first purchase and property management have proven themselves, then I consider it a lot less important to return to the area for a first hand look at additional properties.

That additional equity (the 50k) is now in your pocket and freed up for you to invest in the next deal.  

@Ed` Jones If I've properly understood....the insertion of additional entities, particularly an IRA, would only exacerbate the issue.

I happened to check the sheriff sales page today for our county and the property was recently listed for auction at a fairly discounted minimum bid.

In addition, the brokerage LCL seems to manage quite many properties in SoCal.

That just isn't going to happen.If a tenant willfully wants to leave and wants to settle the obligation for the remaining term of the primary lease for a discounted amount then generally a landlord has prepared by an attorney an agreement to vacate,lease termination, and a settlement agreement.No legal advice given.

Here are the costs to address the issues uncovered by these experts: 1.Wood floor and wall in the middle unit: $44,000 + tax + $2,800 for permit, but engineer report is needed for a formal quote.2.Roof above the middle unit: $8,000 + tax + $800 for permit + ply wood;3.Sewer line outside the building (see estimate): $7,365 total;4.Sewer line inside the building (see estimate): $21,663 total;The total cost plus 10% contingency is equal to $100,000 in repairs that I cannot afford to pay and still be able to fulfill my obligations to you and to the tenants that will have to be displaced for the duration of repairs.In addition, the appraisal came in at $275,000 that is considerably below the $340,000 number.Proposed solution: You will complete all the electrical repairs and ensure all three units are brought up to current code including the outlets.You will have the stucco repaired on the exterior that was damaged by the electrical proof.