Everyone on this thread has made very valid educated points.I don't suggest this for a newbie living paycheck to paycheck; but if your in a financial position to bear the weight of some repairs and vacancy out of pocket, this may be a great long term play.Although we don't typically invest upon speculation, an educated person could make an assumption So Ca will continue to increasing in value over a long term period.

You don’t need the well and perc test if you go that route.You still need the soil test to check for load bearing quality.The water/sewer/gas/power across the street is great, but don’t underestimate the tie in fees for these utilities.

There also bears responsibility with folks that are thought leaders, JV experts, and coaches to give the newer folks what they need to rise up and be successful. 

(Bear with me...

I rip down a wall and studs (non-load bearing wall), I have an electrician wire new setup, can I personally set up the studs and go crazy myself?

To bear on the safe side and protect your investment, I would recommend Yes.

This means I never see passive multi-family buildings, so I'm unsure of their specific requirements. that said, 50% occupancy is awful and lending on that would seem difficult to say the least. if your building is one of 23 it seems unreasonable for you to bear the burden of a total vacancy rate.

It allows me to show my expertise in pricing properties and the detail I go through to make sure their house sells for the highest price the market will bear. 

Your CPA needs CA experience since it is the "golden bear" of taxes! 

In commercial it's truly what the market will bear.