At least I enjoy the transactional side and not leasing.Are you offering a competitive leasing commission  total and is your landlord leasing broker offering a good co-op to the tenant broker if they do not double end the deal??

No collecting endorsement copies, no credit checking your contractors, no completed ops additional insured up to statute of repose, no checking contract compliance after the job is finished, etc).

We used to but have recently switched over to coin ops, which should be up and running this month.  

There are two key issues here.1) As REI pointed out, if the doctor "prescribes" a companion animal, then a "no Pets" rule is irrelevant, as this is now a "service" animal issue, which DOES bring the ADA into play.2) More to the point however, the OP is speaking of an "apartment", AND states that "other" people have pets.

I thought I would just lurk more often than participate considering the acknowledgments for contributions I read by the members at the beginning of the year.To the OP: The problem you will encounter is that no conventional lender will give just anyone 100% financing, especially a new investor.

I see the P&L template in the fileplace…unfortunately it only covers rentals.The most common P&L template I keep seeing around the internet first breaks down as follows…SALES – COGS = GROSS PROFIT.GROSS PROFIT – Op Expenses (advertising, travel, phone, legal, etc)= NET PROFIT BEFORE INCOME TAXESI’m guessing expenses that wouldn’t exist if a specific contract hadn’t otherwise been proffered should be recorded as OE and expenses attributable to specific assignments/simultaneous closes should be reflected as COGS?

:-)------Anyway, to bring this thread back around to the OP's original question, my profit criteria for flips is 15% of the ARV (resale value) or $15,000 -- whichever is greater.  

The deal passes the 1% test easily.TaxesSewer and WaterTrashHeat/UtilitiesHOACap Ex and Ops (my personal minimum is $150/roof/month)InsuranceMgmt Fee - as a % (general consensus here on BP is 10%. include it even if you think you are going to self manage)Vacancy- as a %. (8% represents 1 vacant month/unit/year)

What comes around goes around.Back to the OPs question of CA vs. out of state:  I say do both, if you know what you are doing you can do well. 

That will get you a better price.Not picking on the OP, but this is another good example of failing to perform due diligence and getting disclosures (quakifying) a borrower.