Example you may have a first position lender that will not allow a 2nd position lien whatsoever.

I cut my teeth on probate and still exclusively focus on these sellers in my market of Atlanta.

I figure this would be a good way to "cut my teeth" so to speak and learn the ropes.

@Thomas Anderson No realtor involvement whatsoever!  

Fortunately everything was handled in an adult manner with no shouting or teeth-gnashing. 

And I mean no offense whatsoever but based on the negative cash flow deal you're in now and some of your assessments and replies in this thread, I suspect that you might be in a position where you'd benefit from further research and continuing to educate yourself on investing (this forum, local REIAs, networking with other investors, etc), as well as the specific local market you're looking to invest in before you just pull cash out and potentially find yourself in another negative cash flow situation and/or upside-down equity position by either not knowing the market you're buying in well enough or by not being experienced enough to know when a deal is really a deal and when it's not.

No work needs to be done whatsoever for it to be rent ready (excluding a couple things with the back house which I plan to negotiate after the option period).

I am driving my net worth and own no assets whatsoever" (so take my advice with a little grain of salt)." vs "I suggest owning the cheapest piece of crap that will get you from a to b.  

The fact that all units are occupied at shockingly high rents should have no bearing whatsoever on FMV for the property.

In the short term I know cali has been better but if you are only looking short term I think you may be sorry,  I survived the big drop when I lived in Pasadena California by the skin of my teeth.