However you must send out 5-7 campaigns in most areas to receive a ideal return on investment and stand out from the competition. 

Renting and flipping are easier because you can pay more and the deals are more plentiful, although most markets are so competitive now that it's even hard to find these.  

Be aggressive because that price point is competitive.

I've developed over $100 million in commercial and investment real estate in my career and I've got some unconventional advice you won't hear everyday...if you want to win in an ultra competitive real estate investment market...overpay.  

I went to school at EIU, students had places they wanted to rent, even though it might have been a little farther away.Then honestly compare the different units AND their layouts.An awkward layout can kill people wanting to rent a place.What is your competitive advantage compared to the other local rentals?

It's a competitive market I understand but there are now some properties sitting on the market with price reductions. 

Generally speaking it takes more vision or creativity in LA for investors to locate and or create initial cash flow vs the non competitive areas. 

did the competition managed to match your level of renovation/design?

Rehabs are the more favored option but they are harder to find, mainly because of the competition for them.

Houses for sale give you an idea what the competition will be.