Hello everyone, I have a couple properties that I am looking at and my main set back is that they’re old builds, around early 1900’s.

The Purchase agreement just states the tenant/Buyer agrees to buy the property by a certain date for a set price. 

Management is impossible to select until you have picked and vetted a firm- while it is an operating expense, you're likely going to pay from GOI...so assume closer to 12% NOIYour vacancy is pretty low, but it's all relative here...I would at least set aside 1-2 months gross rent for an unexpected turnoverIf you can insure a 4-unit property for $150/mo. you have an awesome agentAssuming 50% of your income will go to OpEX is pointless.

It basically amounts to paying an annual fee and having a set bond on file.

I am starting to want to get involved with setting myself up with a better financial future so house flipping and real estate has really caught my attention.

And, as we all should know, it's also why we set aside some rent for vacancy and capex, etc.

In my experience I've kept EM after that set of facts occurred with financing contingency, no big deal. 

In addition the majority of the not so experienced are either out of state (OOS) or planning on going OOS.So I am not recommending against going to the San Diego BP social as much as 1) setting an expectation 2) suggesting you may want to go to a meetup maybe associated with an RE investor club.BTW there used to be a near monthly BP Meetup at various RE investment properties. 

Both the furnace and water heater are set upon cinder blocks which seemed strange at first, but now I believe the sellers did that due to water in that room.

Simple example: if you need a new roof in 10 years and you know it will be 10k, you know you need to set aside 1,000 per year.