If you get a quote on the roof and the comps support your purchase price + the repairs with a little bit more wiggle room in the budget for an unexpected repair or expense then your deal is likely a good start.

Treat this the same way you would any other type of new business, whether it be a grocery store, auto repair shop or landscaping business. 

Having a vision for the property (very distress property) and a team that repaired the property in a timely and cost saving manner.

If so, can you recommend good maintenance/repairs vendors that you've worked with, that are honest people and won't rip me off? 

If youre counting on 3 to 5k repairs and are at the top of your budget....id suggest to walk away.

You get exactly what you want, you have little to no repairs for the foreseeable future, (done right) they'd be in high demand, sounds too good to be true!

Maybe you look for a live-in flip that will have a great return once you're ready to move on or tap into that created equity for investments down the road.Regarding CapEx & Repairs: First of all you MUST work CapEx into your calculations.

I was running the numbers on a light fix up and selling as a 2/1 and it looked like I'd get around $430k but I'd spend $10-15k in repairs, hold for 2-5 months and pay agents.

My questions are: 1) What markets in California should I look at to find a quality multi-family for a reasonable price?

Replaced that and it is working fine.The repair guys did mention getting rid of the tank bc it’s older and going to a tankless instead of replacing the exchanger.