Out of curiosity, what expenses do you use to find the max purchase price using something similar to the 70% rule or whatever other practice you use to find the max purchase price?

Yup, this would be the best practice.

I know SD is nice....in so many ways...great weather...great culture...but it is expensive.   

My parents discouraged me on a lot of things because they thought it was too risky and because they were worried about me..Over time I made it a practice to keep every new venture confidential (even from friends) prior to execution.

We also have tenants who, culturally, would feel compelled to give a gift in return - another scenario we would like to avoid.

The market rents are a valid source of income to list.Other than that at the moment,  the previous replies make practical sense.You might look onto FHA loans also, but I am.not versed in its application to multis.Much success!!

Obviously a revamped health club, you could take down walls between the racquetball courts to have other uses; 20' tall rock climbing walls, pickleball, practice rooms for local clubs and teams, an adventure park or entertainment park. 

Thanks for the responses.I just wanted to make sure its not language/culture barrier that is causing me to dismiss some of these- that would not be cool for lots of reasons- but here in LA in the LA rent control/tenant friendly environment- MTR hosts are pretty paranoid (that is because as alot of you probably already know- 30 days creates a legal tenancy)Invariably though these people act weird, wont be vetted, never have reviews, etc., so I'm glad others feel as I do.

I see other landlords around me in low ball battles, practically giving their properties away, 1 month free, no deposit, etc and I raise my rents every property based on having a newly rehabbed and updated property, and I may not get as many calls, but the calls I get are the ones who want to pay a little more for a better property. 

Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice.