The idea that an individual investor can just step in and by a single property and get some smoking deal on it.. is really not reality in a major metro area with experience and well funded competition.

I bought a cheapo bathroom sink from Home Depot, and noticed that the sink lacks an overflow drain.

In one of the units the kitchen sink would need to be moved back because it is really close to refrigerator and stove making the kitchen tiny.

In reality each house you buy is its own business.

I am also in the process of putting together my "team" of lenders, property managers, investors, partners, realtors, and anyone else I can think of to help make this dream a reality. 

You need to appropriately account for capex, or it will sink you.Assuming you accrue $200 per unit per month for cap ex, you've now gone from a $69k NOI to $43k cash available for debt service.

Now, there is the law and there is some grey area in reality, however what I see investors trying to do is more about how to justify breaking some law (always asking how can I do this and circumvent this law).

There is an old saying, "Loose lips sink ships." 

Leaking roof, mold, sinking toilet, torn up deck, bad sewage system, etc. list goes on.

The reality is that the coastal areas, and large cities in California have hot markets, the rest of the state, is still lagging behind, but beginning to see small increase in prices.