We were going to have a formal inspection done before making an offer just to be crystal-clear on what we would be dealing with, but the realtor suggested we save some time and money by having a contractor take a look to help us determine the repairs required, and subsequently how much we should offer.Is this pretty standard practice as far as "due diligence" goes? 

It's all determined by the numbers, but above that the tenant base, type of property, comps, location, etc, that determine the value of the property. 

@Bryce Carroll SF and OC/ LA are great areas for steady cash flow and they don't often depreciate as much as other areas in down turn but to break even or cash flow you'll need to determine how much you want to put down.

Another big aspect that will help you avoid vacancy would be to ensure you are renting your property at a reasonable rate, which you can determine by looking at what is renting or has been rented around your property!

You need to determine where you draw the line on managing your business.

.- The city will determine if you can knock down your property and walk away, not the insurance company. 

If you have a real estate agent, I would ask them for comps to determine where you need to get to condition wise in order to justify a refinance to get your cash out. 

The total amount of the 203K loan is determined before the repairs or renovations are made.

Basis is what determines your profit and refinance does not impact profit at all.But.. you do indeed have to make up that refi amount if you do a 1031 and don't want to pay any tax. 

Believing a term lease determines when they move is a joke.