(Take care you study the condo rules & regs carefully, because THEY are in control.)When I started out I limited my out of pocket severely but that was 2008 and I could grab distressed foreclosures.

If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing.

Unless the previous borrower requests a release of liability, the servicer must process the following exempt transactions without reviewing or approving the terms of the transfer:[...]A transfer of the property [...] to[...]a limited liability company (LLC), provided that- the mortgage loan was purchased or securitized by Fannie Mae on or after June 1, 2016, and- the LLC is controlled by the original borrower or the original borrower owns a majority interest in the LLC, and if the transfer results in a permitted change of occupancy type to an investment property, such change does not violate the security instrument (for example, the 12 month occupancy requirement for a principal residence)."

This shows how quickly cash flow can increase (but your units will be rent controlled and can only have rent increase of 10% = $370/month ($740 total for both duplexes)).It is my belief that it is a terrible time to sell and you likely would take a big loss. 

Hi,My family passed a duplex property to me. The rents were way below market value, and the tenants are giving me issues. What do you guys recommend to buy the tenants out. As Los Angeles is tenant friendly, we can't ...

I had the same ideas as you, and I learned how to find a deal that makes money despite the economy that is out of our control. 

Yes there is much more oversight with rent control and you have to know what you are doing. 

Don't let anyone else dictate your financial decisions; take control and make the best decisions for yourself.

It can be difficult to get out of the transaction mindset and into an ownership and control one. 

If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing.