The house is older and the tenant wants to start updating once the new agreement is signed.How can I go about this and  stay in compliance with the new laws and profit from the deal?

(I'm actually in the SF Bay Area now).What part of town are you staying in?

Stay away. 

You can learn about all the areas, but once you know your interest, stick with that, because it will make it easier to stay with it when things get touch/or frustrating.

I've worked with several grades of laminate, and if you stay away from the very cheapest, you'll probably notice more wear after the fist few years (or weeks).  

I'd encourage you to join your local REIAs if you haven't and take a look at The Ultimate Beginner's Guide.

I'm an agent/investor from Raleigh, NC, and love the idea of investing here, as well.We're staying right off Westland Dr near Lyons View Pike, so I've been able to drive around some of the higher-end listings. 

Hi BP, I'm a new to investing and have read the ultimate guide.

The woman was so motivated to getting rid of the property because her husband died and she cannot bear to stay in the property much longer.

Mario Furmanczyk,seriously if you are determined to play with LA's rent control laws and renting in California in general,you need to find a very good real estate attorney who is an expert in rent control laws and California rental laws in general.California is one of the most difficult places to do business and landlords are treated like criminals waiting to be caught by our court system.You need serious protection with good lawyers who will help you stay in compliance and keep you out of financial troubles.Good luck to you.