The lender will need a "condo questionnaire" completed, along with the budget, insurance and contact for the management company, to make a decision about lending.   

My background is in insurance.

Investing in CA will maximize your equity/loan pay down (vs cheap properties out of state), maximize the total value of your treasured fannie/freddie loans, save you travel expenses, leverage your money to higher appreciation, low property taxes (as a ratio), and low insurance rates (as a ratio).There is no rule that you have to invest only for appreciation or only for cash flow.

It is possible/feasible or unheard of to request that the previous owners file an insurance claim as the damage occurred before I moved in?

As paid contractors they would need their own insurance coverage.

$1450 + $1250 = $2,700 per month$350K @ 5% = $1,879 per month 2% property tax = $583 per month $2,700 - $1,879 - $583 = $237That’s $237 for insurance, vacancy, maintenance, cap-ex, maybe property management, etc.Or do get even more simple, $237 * 12 = $2,844 which means that one month of vacancy means all of those other categories above (including mandatory things like insurance) are all out of pocket.

Get title insurance, and definitely get a survey after all other things are a green light but before you close.

@Matt HamanAn LLC isn't necessary for a new buy and hold investor and is more of an expense than a benefit.Most people will recommend just having enough insurance coverage.An LLC for buy and hold is a pass thru for tax purposes.

@Colby MulryMany people on this forum utilize umbrella insurance policies or LLC's for asset protection. 

Below are my numbers.Purchase price: 80kDown Payment: 16kClosing costs: 2kAnticipated Rent: $1150ExpensesVacancy: $50 (some might say low, based on my experience, I think this is reasonable)Insurance: $20 (I have a separate umbrella)HOA: $197 (well run association with decent reserves)Repairs/Capex: $100 (I don't have a ton of experience, but I think this would be attainable.