@Elijah FastYour lender and possible your insurer will require a Phase 1 assessment .... this is predominately a visual inspection and paper exercise (costing anywhere from $750 - $2500) with the objective of discovering any potential contamination of the property (or demonstrating that there is none).An abandoned underground storage tank (UST) is something which should be disclosed by the vendor (it appears that it has been in this instance), but it is an example of the sorts of things a Phase 1 ESA looks to discover.Depending on the results of the Phase 1, you may very well be requested to continue with a Phase II ESA.Having a Phase 1 lets you know what you are walking into ... which is why lenders want them.  

I just closed and was given a check in the amount of both tenants deposits.Right away you want to call and transfer any utilities that the previous owner was paying, as well as call and set up a time to introduce yourself to them, as well as lay out clear guidelines and expectations as to what to expect with you as the new owner, ie. where and when to send payment, contact info and info on what to do if there are any issues that need to be addressed.I just closed on a new duplex and acquired tenants, i called right away and started service for water and garbage for the tenants, as well as met with them in person, I showed up with a copy of their current lease agreement for them to have as a refresher, a basic rental application for them to fill out to make sure i had the most current information about employment, tenants, contact info, as well as had them make a list of concerns and things that need repair. 

So I basically am going to need to shop around for these loans that aren’t standard, but they exist.Right now I’m gathering the funds for a down payment for my first investment.  

It's not that there aren't opportunities here, it's just that my out of state properties have a manager so I basically am retired.

He may be willing to reduce the price by RE agent costs that he would incur with a traditional sale but a bigger discount than that would basically be a gift.Someone that does not have the capital to purchase a SFR in San Diego I would think is unlikely to have the capital to supplement negative cash flow from owning the SFR. 

As for HOAs, they aren't cheap but they reduce your insurance costs, and assuming you have a good association they take care of capital and maintenance costs, so it's not like the money is thrown away--you're basically just outsourcing certain expenses via that means.

The basic goals are:  1)  Cash flow/month to cover monthly bills; 2)  Profit to pay off personal debt.Once these Financial Goals are established, you can then "reverse engineer" your plan from these goals back to your current situation. 

It's a little confusing, so make sure you step through it carefully to assess your own tax requirements.

It's a government agency and basically immune to counterclaims.

Basically just to have a property that produces some income and also gives me the ability to set aside some days if I want to go hang out downtown.