I see that @Brian Gibbons is taking the easy way out again, LOL.

Being based out of LA is making a lot of searching, really not fit into the 2% rule. 

It was actually surprisingly easy to find because the smell - once I got in the attic - was pretty strong and I literally just followed my nose until I found it. 

While I can't say for your state specifically, as a general rule, commercial leases are governed by the contract.  

This would not prevent your debt to income ratio from being too high, because the mortgage would initially be in your name the banks will still view this the same.Lastly, the six figure bracket is not always as easy as it seems in real estate because things will come up that you completely did not expect and take a huge chunk out of what you're expecting.

As they say, the deals in D areas are easy to find and hard to sell, and in A areas, hard to find and easy to sell. 

You can get a good quality neighborhood and still beat the 1% rule.  

General rule of thumb is ARV after repair value * 70% of as-is - repairs is the ballpark max offer when looking to buy.

I replied after reading the rules but my short and simple reply was deleted!

Start off nice and easy, and get your feet wet before swinging for the fences.