Guarenteed payments on the 1st, keeping up with market rates and mutual interest between the tenant and landlord to keep the property in good condition and to keep the tenant living there. 

I believe this approach provides me with an advantage over the traditional method of searching for properties in a competitive market.

Too much risk and sets bad boundaries for tenants.Many use Venmo, Zelle or just have tenants deposit at their bank (local branch).There are also several free DIY PM softwares that have rent payment built in, but they charge the tenants a fee to do so (that's how the companies make money).

We have about $35k liquid for renovations and another $15k ish set aside for a down payment.

Will you prorate payment if the work isn’t 100% complete?

Seriously though, you're going to be dealing with different generations of people who have different styles and methods of communication.

Carrying costs aka holdings costs, such as hard money payments, can be written off in the year that they happen.

With your large down payment they will still be mostly break even, but over time you'll benefit from the crazy appreciation that has been happening consistently in California for a century and the rents WILL eventually catch up. 

The catch is the terms.I'll repay the $85K over 5 years with just a one-time $10K payment this year, 2025 - 2028 it'll be a one time payment of $9,600 each year and in 2029 a balloon payment of $45,600.00. 

Some lenders might let you go with a 15% down payment, making it $15,000.