He picked his worst 5 properties that were very dilapidated and only renting for $300-$400 a month.  

In the worst part of town, the small complexes are selling for around $50K-$60K per unit.

My plan is to hold for 12 months then refi the hard money out and worst case sell the property. 

I hate to say it, but your agent is an idiot.You are in a buyers market, and LA had one of the countries worst losses in value during the crash, if Im not mistaken in the mid 50s percentile range.It turned LA into a disaster, a foreclosure super site, and a nightmare for banks.People will look at your property, at the comps, see that its listed too high, and see the 300 or so other properties in your area, immediately browse past your property, and toss yours into the "No" bucket. 

On my recent trip to KC, I got to relive my worst experience in the REI business, on a small scale, vicariously through a current and very real experience of another unfortunate investor.

I'm getting my property painted in order to rent it. I left this painter I got for a week to paint. When I came back to pay him The job was half finished. The trim was not done, not painted completely around the ceili...

On my last project I did 6 off one 2in tap and the manifold was pretty large, 2 in fittings are also pricey.By going to private meters I can run probably a 2in line 300ft back, and come off to each unit, skipping the meter vaults, I can get all 15 this way or worst case 12.

What if this area turns for the worst.

the worst possible thing to do. 

This is also my worst rental.