And quite frankly, I think that within California, I feel as if this is the last piece of property listed on MLS that fulfills the 1% rule. 

., IRA Services Trust Company or Pensco Trust) that will allow for alternative investments, the IRA rules do allow for investing in syndication.

I'm guessing I should look for a decent job to support my self while learning with the first couple properties, but until then what can I do in the mean time to get the best start.I am working on getting some of the books so I have reading material this winter, but other than that what should/could I be doing?

Knowing nothing about your market, if you have done a good job screening and lacing your new tenants, the market clearly supports rents at the $700 price level - now it's time to get a plan in place to get the rest of the occupants up to this level.Consider making a plan for getting the rents to market level over the course of six months or a year - whatever time period best suits your risk tolerance and go for it.  

As well as just being listed too high where a right priced rehab and comps wouldnt support the listing price, but someone out there is still buying them. 

Is there a rule of thumb I could use when deciding if it’s with the time/effort?

Under Use of Premises it states: "Tenant shall comply with any and all laws, ordinances, rules and orders of any and all governmental or quasi-governmental authorities affecting the cleanliness, use, occupancy and preservation of the Premises"So I at least I can start the eviction process if I find evidence, though I don't really want to go through that as I'm also trying to sell the house. 

Hi Kristi,Any time I have an analysis that includes an HOA, I act as if it's part of the mortgage and thus the purchase price when analyzing for the 1% rule. $300 a month in a 30 year mortgage payment equates to around $60,000 of home value (depends on the interest rates).

I was thinking of an addendum to be part of the lease agreement and/or rules and regulations.

They would be a good resource to ask for the rules the P.E. are required to follow in terms of liability.http://www.bpelsg.ca.gov/about_us/contact.shtml