Although I've been investing in and improving multifamily properties since 2000, I decided to go back to school and get a Bachelor's Degree in Construction Management from BCIT (I already have my Red Seal in Carpentry).

There is still money to be made and I think you have a good list of requirements, the pool of areas and properties is small in CA for a buy and hold appreciation. 

Hey @Jamie Grossman - I'm a Realtor and Property Manager in Chicago and Northwest Indiana, new to the Bigger Pockets Community but not new to real estate. 

We are looking to rent our properties to visiting nurses and the like. 

Hire an experienced real estate broker to help you price and sell the property. 

The cost to heat the property runs $1,200 a year.

We've been honing in on a pretty good development/investment formula that is working for us where we buy an existing single or multi-family house that can be improved or easily split into smaller units, and then we also add small new construction units to the property (townhomes or duplexes or cottages) and, generally, we rent them all out (though we have sold a couple of single family rehabs and we may sell the units in our next big project...

The property is 100 years old but has updated wiring, plumbing, and units.  

@Steve K.From my experience, it's more important to find a broker who specializes in your unit count rather than new turnkey properties.

You should use a state-specific lease that is clear regarding the start and end dates, the monthly rent, the fees that will be charged (ex. pets) and those that may be charged (ex late fee), the amount of the security deposit, and a clear list of rules associated with the property (no smoking inside is a big one as are rules related to parking).