And with your projected low rent that is most likely the case.You will find it challenging to meet the 1% rule in Cali and some of the other criteria that many investors use for evaluation of a property.

Challenges:1) An LO won't exempt you from any rental inspections/repairs, as you are technically still the owner2) Don't assume buyers/tenants will take better care of the property.

Always start from zero on both your Revenue and expenses and challenge and build them up.Make sure your offer has a 30 day due diligence period. 

Would there be any challenges?

Revenue data is always a challenge to find unless you find the needle in the haystack where the seller has 10yr trailing full financials with a CPA.

It's challenging, but doable.

Even though you guys have experience in the game, flipping is another game altogether so having to go out of state for a first one will create some challenges and potential lost money for sure.

Challenges?

With this market, it seems daunting to find general contractors who have the time to work with you.

Bring in an experienced partner to convince the investor you can handle any challenges especially funding issues.