Now, take some time to understand the local market.

A straightforward way to estimate value is by looking at the price per square foot and using that to calculate your property's worth.In situations like this, it's worth spending a couple of hours yourself to get a solid understanding of the market.

Focus on understanding the rental market, conducting thorough property inspections, and leveraging owner-occupied financing options like FHA loans.

They either don't understand your laws or they don't have good policies in place.

I am considering getting into this space (looking at some courses), but worried that its too late, and that deep local market knowledge/understanding of buyers/connection with developers etc is required to make this work, which only incumbent/long term investors will have and would be hard for a new entrant starting from scratch to catch-up...is my hypothesis valid in your opinion ?

Truthfully, I am not that big on coaching programs BUT, I can understand the benefits of having someone in your corner teaching and coaching you on the ins and outs of real estate investing every week. 

A skilled property manager understands tenant segments and their behaviors, which helps attract reliable renters.

I'd have to see your overall layouts but I think you are on the right track. we build 3 story stacked triplexes and it's very efficient so don't be afraid to go up either. anytime you build more than 1 structure costs are much higher but if its just to offset mortgage and you want to be separate then I understand. 

I found it very unlikely that the government would not want to get their piece of the pie, especially if they had purchased a new primary home.Donyou have a Tax Code or Publication Number you can share so I can study up and understand your thought process more in depth?

I understand your situation—investing in LA at today’s prices makes it tough to find solid returns.