We look today at companies doing this and it just screams "brand new" company, "I have no money to operate" as a company, and "I want to put all the risk on the buyer" as a business strategy.  

The kids yell and scream, throw stuff into the tenants yard, and then the "grown ups" come out and yell at the kids.

One unit has 3 vehicles alone, with a few visitors the parking gets pretty tight rather quickly.

if the other tenants are make too much noise he yells and screams (and it is not that loud). 

I would not buy in OC now unless you've looked at 100+ deals and find a screaming bargain aka off market.  

It may depend on what your expectations for an investment are but, conceivably, you'll get better appreciation in Journal Square, given that market prices there are generally still lower than JC Heights (although if you found a screaming and/or off-market deal in JC Heights, that changes the calculus).

Also, it is possible to do all your due diligence online (now comes the screaming from maverick TLC investors). 

Stay on top of them to be sure they're not trashing your place and put them on MTM and the minute they are late, cancel their lease and get them out.We have higher end properties where I would never do that because they could stiff us for more money, but for the lower end ones, yeah, we'll do it.My only concern with dancer applicants is generally the kind of people they hang around, and the potential for visitors that are unwelcome or causing trouble at the property.

The first thing that screams out at me is that at the very minimum he would be deferring capital gains by trading that for ordinary income tax.  

I am going to be living on site and am nervous because I don't want constant visitors for every little thing.