About 30k remaining in repairs, which I can either pay for in cash or take out a loan and pay off later with the 160k.

I'm a free member of the site but I can't post any deals unless I pay for the subscription.

Hmm, Will you be paying for the time spent driving in LA traffic to view the property for you?

I'd have to quit the business if I was paying that sort of price for an AC system. 

So as noted its best to be locked in and loaded for when the dream property presents itself. 

Tenant will pay for installation costs and provide receipts as evidence;2.

You want to lift something up but not pay someone else to do it first. 

In my state that would be an expensive change as I would be paying state transfer tax on the move along with other costs plus I would need to consider whether I wanted to buy title insurance on the property for the new LLC.

Depending on how you are planning to pay your friend  the profit out of the transaction.

He has also mentioned that his job has been paying him late here and there.