Thanks for “sharing” your investment techniques.  

Cash invested: $80,000 Acquired this property Sub-to as a quick flip with minimal repairs required.

First you need to learn to separate the following:Maintenance: usually things related to wear & tear or tenant damage.Repairs: usually broken items like doors & windows, caused by tenant or nature.Capital Improvements: usually expensive things that wear out: hot water tanks, furnaces, roofs, etc.The seller is correct that Repairs & Capital Improvement items should not be a factor for awhile (ALWAYS get your own inspection to confirm).

Yes, estimated about $30-35K in repairs and negotiated that into the purchase price as best as I could. 

Out-of-pocket capital improvements and repairs anticipated during the first year12. 

Always fix all water issues first before moving on to doing major repairs of a structural  nature.  

I talked to numerous California investors in real life and phone/Zoom calls who have lost money in far away OOS markets, mostly Midwest markets (e.g. repairs, capital expenses, bad tenants, properties vandalized while under renovation, evicted tenant stole all the appliances, property managers with high fees or overcharging for repairs).

And I wouldn't be surprised if Mayor Bass is removed as well....the $17 mm cut to LAFD budget and 30% of fire trucks sitting awaiting repair, it goes on and on (not all directly her fault, but hey she's where the buck stops. 

For me personally I am not handy when it comes to repairs and such.

Other than that, the city is largely residential with many jobs focused around providing for those residential needs such as the service industry sector, home repair, construction, etc.