This gives you a CoC ROI of 20%+.If you're confident in your numbers (ARV and reno budget is where you have to be really locked down), I say pull the trigger.

Hi All: I have recently been granted my California Real Estate Salesperson License. I got it mostly for investing in rental property for myself, and wouldn't like to pay huge fees. For example, I am currently looking ...

You should factor management costs into your numbers anyways even if you plan to self-manage. 

Obviously this is not a science and won't answer all questions, but personally I think consumer confidence and habits can give a lot of insight into the mid-term economic outlook of a given area. 

My husband and I are self employed running a small business.

I self manage 7 buildings, 10 doors here, all BRRRR deals.

Obviously, you'll be well in the red until that happens.If you're really confident in the ARV of $145, it may be worth considering holding them for a short amount of time and then selling them at retail.

To be frank, he's about 7 years late to be able to find deals like that - look further out, call on non listed properties, out of state owners, ...it's work - if this is his first deal I feel confident he'll run you around and over analyze, especially if he's going "all in" with his available funds.

What is your confidence in being able to accurately estimate your renovation costs? 

Without having a history in rental properties formally on my credit/taxes, I'm not 100% confident that my lender will approve more than 1 property to begin with.