However, the benefit of markets like Oakland is that the financial barrier to entry is substantially lower. 

Sounds like you have a potentially good thing going if you rework the financials.

We can usually financially break even if they leave it in good shape and we hustle to find a new tenant.

Lots of great resources here.

I spent a great portion of my life in school and as such lost out on a lot of financial/investment opportunities since I was in school or in low paying jobs in order to gain experience.  

He is invaluable advice, free resources and payed.http://www.themichaelblank.com/session42/ this is great podcast to get started and allows you to visualize attaining something in a relatively short time period.

If the question is where to focus resources it is likely on the unit near ready so you can get cash flow going as Patrick mentioned. 

I'm working on educating myself on how to get started in the business, and am very appreciative of the wonderful resources available through Bigger Pockets.  

@Ulises Rodriguez your friends lender is requiring it to assess the financial and status of the HOA that the condo is in.

I'm an 18 year old beginner day trader, thought I'd give real estate a try as well on my journey to financial independence.