This all goes much deeper than the three inches below the surface where inexperienced real estate operators/investors frolic along with W.

You're right to go out of state since 20k won't scratch the surface of a typical CA property. 

Inspectors will assess the wiring and electrical panels for outdated components that could pose safety hazards, including fire risks.Plumbing issues like leaks, low water pressure, and drainage problems often arise as well.

If an inspector tells you this is going to require a lot more than what the surface shows, the bones are bad, or anything detrimental to it enough so to bust the deal.

Doing research right now, but I've still only barely scratched the surface of this.

Stucco at this time (at least in my area) was poorly done with improper drainage and sealing. 

There could be reason behind this, but on surface, this is low.As noted above, severely negative leverageNo stated pref, so I am assuming the 80/20 split happens right awayProjected returns are okay.  

Mold that has been there awhile smells and discolors the surface. 

Hard surface is the only way to go!

As such, the only "deals" typically require extensive renovation, because anything that is purely surface level retail buyers will likely outbid you.