I am interested in any referrals for real estate attorneys located in Los Angeles or Orange County (California) experienced with assignments, fix and flips/holds, etc....Also, if you have had good experiences with paralegals, I would appreciate those referrals as well.Thank you in advance.  

BPI'm looking for an agent experienced in HUD homes to assist in placing a bid and purchase.

The electricity isn't knob and tube and doesn't present much difficulty to maintain and modernize, the plumbing is all pretty simple (single stack).

As you're experiencing right now, the toughest part is actually JUMPING IN!

I'll be interested to see what the more experienced people have to say as well. 

In fact, the difficulty in responding to your question about whether your costs are reasonable stems from the fact that I have no idea what specific materials or cost of materials you are using. 

You’re entering an inflated market where experienced investors are talking constantly about the dearth of deals and you’re surprised that you couldn’t get a zero down loan from an institution.

Some options early on before the war-chest builds up can be partnering (Joint Venture) with an experienced investor you trust.

There are many options available that can get you 7+% return on average per year, one of them being investing passively in large apartment complexes with experienced operators. 

Those properties, with a lot of deferred maintenance, the high likelihood of more transient renter pool, and relative difficulty finding high quality management at that rent price all point to a property like this tending to bring the most risk, especially for out of state buyers.