@Shawn KimThe next Real Estate eXchange meeting is Monday the 14th at 6:30 at the BP Energy Center and the next Landlord Almanac meeting is on the 17th at the Megan Room.

As I begin my research, do you by any chance have any expert tips or recommendations regarding pulling comps/determining ARV that I won’t find online?

Also remember, depending on your threshold, the further from LA you get, the farther your money will go, but also your commute.To start your education, I would recommend Long Distance Real Estate Investing, by David Greene - it's not the most concisely written book, but it would certainly give you a look into what it takes to be successful at it.As for me - Since I moved to LA a year ago, I have realized that the cash flow game isn't one that I feel I can do successfully and I'll continue to buy MF's back in MA in a market I know better.Good luck and feel free to PM me if you have any questions!

As in tips on contractual agreements, and other exit strategies for me, just in case the investment fails.

For someone green, a project like this would be filled with landmines and booby traps.Also, I can show you some properties for sale for $500 that are a bad deal at that price. 

Tip: Get a BEST BUY annual GEEKS MEMBERSHIP.

I can't post the contact info here because of the Forum rules but you can private message me if you want the info or simple do a google searchThe comps with flood insurance is something I hadn't thought of, great tip!

I plan to call them up tomorrow (Monday) and see if they can come out to provide a free estimate ASAP.Also, I plan to ask the seller to provide us with any documentation from any previous roof maintenance and ask if she has any warranties for the roof already in place.Any other ideas/tips?

Thanks for the tip Engolo!

I usually try to get as much info from each institution as possible before I let them run it so I am 99% sure I'll be approved before I give them the green light but this creates a bunch of extra work on my end.