Register your unit with DHCD/RAD and DCRA this will save you so much headache if you run into a "professional tenant" that knows how the laws work and is adept at gaming the system to their benefit.5.

The agent makes a commission (finally).It's invariably a minimal money game for the agents, a lot of work and hustle for very little return.How well does this describe your expectations?

This is a numbers game. 

They then pulled the same game on a $25,500 REO and sold it for $150,000.

Note: the local bank may want you to have some skin in the game so it is likely that you will need to put 10% out of pocket. 

I run a mortgage and real estate office in LA and have worked for multiple investors looking to get into the SoCal rental game.

@Rick Pozos This thread is exactly what my heart wants, the whole BRRR process but I find myself in exactly the same position as OP which is $0 in the game.

I told him I'd be at $75k (what I bought the house across the street for), but encouraged him to get a CMA from a realtor and was off to my son's bb game. 

Setup each address as parent customer and (optional) tenant as child customer or sub-customer.

I find it interesting, as a new person in the real estate game, how incredibly defensive this forum is.