I know he is fairly conservative and wise, so I think my chances of losing money are about 0%, my chances of accruing about a 100% return is about 75% likely, and the chances of getting a 150% return is about 50/50.

There is a chance, usually higher than not with these, that the Vendee/Buyercan not afford to tackle any major upcoming property repair.  

If she sues you, there is a chance you will need to refund some of the deposit.Joe Gore

The condo is likely pretty outdated as well and there is a good chance the building is going to have special assessments.

The locals would have it all bought up.From my experience the only out of state investors that come to the west coast are usually big players looking for A grade investments and knowing that CA offers a real chance at appreciation.

If they never come out there is not an eviction and you're gonna have to start all over again on the small chance the tenant pops back up.Yes absolutely offer to drop the damages hearing and let them know you won't come after them for a money judgement if they leave the house clean, but DO NOT not have the sheriff come out and officially execute the eviction.

If you see a bum approaching you to ask you for a dollar, ask him for a dollar before he has a chance to ask.

@James Sunderland Your chances of getting conventional financing with no W2 income is low.  

If you look at the details on their page for how they do the Zestimates, the KC market is only rated at a 5% chance of being within 50% of the real value.

Not a chance, that'll barely get the thing up to code most likely and that's being optimistic, forget upgrades.