I am looking at standard 1% per month returns on capital employed

What complicates matters for me is I am licensed in California, and my employing broker doesn't allow me to do my own deals :( Since I can't represent myself as an agent, I thought about using the dual agency method.

This is a common mistake; not counting the amount of time it takes for lease up.

Most likely seller has unrealistic expectations and it will be hard to find common ground.

I have ~ $10k to put down on something to still have some $ in reserve just in case (currently employed for ~ $33k/yr).I'm driving around looking at various cheap properties in the area as I find them on Zillow and seeing large contrasts in the area -- what many of you would refer to as C- to D areas and some B to C as well.

But the commonality is that all of the cities are being pushed into poverty by illusions and lies of socialists.

How common is this phenomena? 

This could possibly be a factor if you did want to take the road out (assuming you can) but you'd need to get an attorney at that point.2- This is considered an alley btw and is very common for it to be used in the manner you described.

Your rental house will look, smell, and sound like that within 1-2 months of them moving in.Now let's look at the common excuses for not doing this and how to solve the issue.1) What if they don't live in town?  

If you don’t know what to ask, you can find a list of informed questions in this post: Questions for Hard Money Lenders.In your case, I would also be prepared to explain your business model since condo hotels are not particularly common.