I also recommend getting in touch with some turn key operators. 

Unit # 1       1,018.00/12,216Unit # 2       1,018/ 12,216Unit # 3       1,018/12,216Unit # 4      1,018.00/12,216Total Rent Income 3,054.00/48,864.00        Expenses Repairs 1,345.00Electricity 4,025.00 Insurance 310.00Taxes 3,050.00 Water and Sewer   3,590.00Total Expenses     12,320.00Net Operating Income 36,544.00Building #2 $350K (lol!)

Make the rules in advance, enforce them consistently and fairly, and remember that the tenant's job is to manage your investment, not act like a defiant child.Your initial objective is to make it clear to tenants that you are running your operation as a business, there is a new sheriff in town, what was in the past was between tenant and former owner.Existing tenants should be given an opportunity to reapply or given plenty of notice that you are terminating but must okay established monthly rent, on time, until that date to vacate. 

The biggest problem with this business is that no one wants to operate it on a professional business level.

If things are operational and times are turning, if you feel you can sell these units, go for it and step up to market rents with alternate assets.

If they need help and they can see that you can solve their problem without getting financially involved, they are usually willing to listen and work with you, that's my experience.Professionals are to act ethically, that means directing others down a path that is acceptable, prudent, fair, yet still profitable for the dealer or operator.

I see you're in California, what areas do you plan to operate in?

That will depend on the municipality where you operate.

It's part of operating a business and a gauge of your applicants acceptability.

I live in Greenwood, and I'm the pastor of a small church in Fairland, IN.I'll originally be operating with very low resources, which is the reason wholesaling seems best for me right now.