If I don't have enough money to renovate the house but I have the amount to pay a house in cash, should I go ahead and buy the property or should I wait until I have sufficient money to do both. 

I'd like to go a little deeper into the property but at 7k / year, the rent I'd be collecting doesn't seem it'd be sufficient to make a deal here. 

The lending world is vastly different from where it was just a couple of years ago.Here is my recommendation.  

Make sure your property management is bullet proof or be prepared to make your presence known personally with a minimum of monthly visits.Be prepared to go to the property to collect rent.Many tenants in who rent in this area tend to be very hard on apartments.Tenant screening is an art more than a science as the vast majority of applicants have thin income and marginal credit (and criminal history)Of the close to 300 SFR's that have sold this year from 12th to 31st over 20% were short sales or bank owned.  

Yes, you can probably reduce cost of sales and perhaps other numbers but you cannot significantly reduce rehab costs and there will always be surprises which will burn you if you do not have sufficient funds set aside. 

I have read a vast amount of other articles on the subject of flipping, starting a business, anything I can find online on the subject that falls inline with BP's and my standards.My wife and I brought funding with us and want to start small, first time home buyers, is what we have in mind. 

This is the cost of scaling and because of the systems you have in place, you are vastly more efficient and can handle more volume.

Regardless of what you put in the contract. thanks for the input; at $180/sqft it couldn't work for the vast majority of La real county real estate since average people expect to buy homes around 500k including land.

There is no assurance that the value of the real estate will be sufficient to return any portion of the investors' original capital.

The more expensive inner city areas had vastly outperformed the cheaper outer suburban areas.