If you don't know a portion of your business, hire an employee who does.I assume you will have a manager running your multifamily so you can focus on your primary business?  

I lived in Bel Air about 39 years ago.

My suggestion is to hire a real estate attorney to review the contract making sure it meets your terms. 

I'd also like to share that I currently work and manage an appliance company that does not just sell your well known brands like LG, Samsung, but also your premium brands, such as Miele, Viking, Thermador, Jenn Air, etc.

On top of that the contractor he hired to fix it up the first time did a horrible job on the shower where it leaked and the 1st floor ceiling fell.

Your options in your market are buy to flip, buy short term rental (Air B&B), wholesale, or buy for appreciation.

Option 1 would be to do some of the work myself and hire out the skilled trades and maybe take the reno one unit at a time.

I'm the contractor and I'm hiring all my subcontractors.

Once they finish up law school and are making 85k in their first year, then they are comfortable buying a house because they know they can just hire a pro for any small job.

Same thing with central air and garbage disposals.