Buying to rehab and flip, add sq/ft and flipping, developing, buying non-performing 2nds, etc. are all the best ways to make money in SoCal today.

What are your thoughts about performing periodic inspections as part of their work?

I am in the process of purchasing a small performing first. 

If you wish you may stipulate a occasional visit by a handyman to assess the condition/perform landscaping/ appliance maintenance, and note any noticeable negative changes to the condition, to make sure the property is kept.

Condo's struggle to maintain their value, and if we enter a "shift" in the market (some would argue we are are entering one as we speak..) hey typically perform worse than the MFR.  

Secondly, they can require DU approval from the buyer's lender, where the underwriting has also been performed.

With this scenario, lenders will look at the NOI and the ability of the property, to perform over time.

If you don't have the expertise to put them at ease you would have to show significant ties to someone who has and that they also have skin in the game.Bottom line is that IF you have the capital capabilities and you have performed a thorough needs assessment (all that will have to be presented to banking institution and to the city) and you still come back to the question,,,, is the risk worth the return,,,,,, ???

That said I would recommend having the material tested to confirm asbestos before you decide on a course of action and always check the local regulations before performing any work.

Not a bad time to sell some dog properties, I sold one earlier this year that performed fine but just wasn't something I wanted to have long term.