Depending on purchase price, cost of rehab, ARV, and rent in that area; you could potentially pull all or some of your money out of the property.

You have to get someone to walk it, give you a reno cost, then inspection and appraisal , takes time, Good luck 

Key factors in analyzing a multifamily deal: The two most sensitive inputs will be your vacancy factor and your cost of capital.

A lot of these blogs I am reading are from out of state with very low cost of living so I think If someone from this area could answer this, it would be very helpful for me.So my husband and I are currently living in one unit for the past 4 years that is part of a triplex/multifamily property in Belmont Heights in Long Beach, Ca.

Keep in mind that the contractors will likely charge you more because it does delay the process and their time is worth money and the permits also cost money.

I give the warning because these tenants live in a little bubble and aren't considering the costs and inconvenience of moving.

Loans from the FHA, online investment groups, middlemen, rent-to-buy deals, ready-to-rent homes, and borrowing from private lenders can cost less at the start, grow in value, and give you a steady flow of money.

There's preferences.If i have to choose, I would choose either AppFolio or Yardi Voyager, but these can cost anywhere from $14K to $150K. 

Also run a few scenarios of costs and see how much over budget these repairs can go before you don’t think it would be a good deal anymore.

Some lenders will require as little as 15-20% down (of the total project costs.)