Essentially legging into a property for limited down payment?

Also, don't limit yourself to just Cali's inventory.

@Eric TanJust based on the limited info, I would structure a Lease with an Option.

Some HOAs put restrictions on the number of rentals in a given community (such as 30% of the community can be rentals while the other 70% must be owner occupied), and once that limit is reached, the HOA won’t allow another rental.  

Needless to say I don’t sleep much.Experience:We have some limited experience in real estate.

Mine are too small to have on-site management, however I DO have gated access control which allows me to control traffic into the properties.

There is a city ordinance limiting unrelated occupants to 3 per unit.

If she then breaks her lease you take the money left owing out of her deposit along with all other repair costs.If you want to see your money you need to take control now.

@Ken Nyczaj The postal site information on the CRRT is limited.

Very practical differences between two people forming a general partnership, limited partnership (unlikely), or LLC (most likely) for this type of thing.