@Cameron Woodward - The market here is really tough right now - don't get frustrated if the right deal doesn't come along immediately;  while you are waiting for it, definitely get all your financials in order, network locally as much as possible, and keep grinding until the right deal comes along. 

If the numbers don't work, wait and keep an eye out. 

@Ilyas KarzaiInvesting in CA can be very lucrative but as other posters have mentioned there are trade-offs, taxes, costs, and tenant laws.

PM is right landlord can't interfere, it's wait and monitor what happens.

I also mentioned about the hole in the wall.

Can’t wait to hear from everyone! 

Wait for another applicant? 

You won't get a "vanilla" Conventional loan with the property being held in an LLC - you'll be limited to more niche type programs (such as the DSCR mentioned above).   

Seems risky waiting until after the purchase when holding costs will start to pile up, but it also seems silly for the contractor to walk the property with you, write up a detailed scope of work and risk the buyer not actually completing the purchase.

Not sure where that leaves us in terms of claiming those expenses in the year in which they occurred or having to wait to claim them when we finally close on a property.