For public transport, ITP east (Belvedere-ish and out, and west are your best bets, or the south (College Park, East Point, Ft.

To start, the numbers:3 bedroom, 1.5 bath 1700 sq foot brick SFH with bonus room.Purchase Price: $59kAppraisal: $105k as is with estimated $124k after rehab.Renovation budget: $20k.Renovations include: new flooring in bonus room, kitchen and baths. total renovation of bathrooms, new cabinets, crown molding (to cover bad drywall job by previous owner), buff hard woods, paint exterior, paint interior, remove awning, remove side door and seal up, fix low spot in kitchen floor, and remove the non-permitted fire place.Estimated Rent: Initially I budgeted $950 per month based on another rental I own in a similar location, but  two houses on the same block were recently rented for $1200+.

My plan is to convert the upper half into four 2BR rental units, rent them furnished/utilities/internet included to students on a 9month lease, then airbnb them to tourists & faculty in Jun, Jul & Aug. 

I work a 9-5 at a fortune 500 company, I can't risk "Public nuisance" on my record just for an investment. 

Rent existing South Pasadena home for around $3000 to support new mortgages and home equity loan paymentsRefinance new properties after a few years to pay off original home equity loan (at least partially)My partner and I move into original South Pasadena home after a few years to take advantage of good public schools, while the in-laws receive income from now fully-rented multifamily.ProfitIs this naive? 

These publications will give you a clearer picture of what is deductible on Schedule E.3. 

It is zoned public which means only 2 things are allowed.

Also helps to have easy access to public transit and/or highway.

If any one owner owns more than 10% of the units (depending on the total number of units) the condo could become non-warrantable.

Internet search?