On top of concrete they may have to saw-cut a couple of relief kerfs to allow the floor to expand while excess water is being absorbed and released by the concrete.

We have had a terrible experience so far with our current property manager, with having excessive maintenance costs, poor quality tenants, etc.Please let me know

Termites feed on wood, and they usually get into the buildings with areas excessive moisture (leaks, frame in contact with soil, etc).

In addition, you never had an appraisal, the property is insurable, and on the “Statement of Credit Denial, Termination, or Change”, the lender declares that the one and only reason for your Credit Denial is “Excessive obligations”.

In this way, I view the excess equity as an insurance policy in the beginning.3)Your property value will go up after you fix it and stabilize ... refinancing then allows you to pull most or all of your initial investment out if you like, and possibly with better financing terms since the property is fixed, stabilized, and "seasoned".4)By "seasoning" the investment first, you will have a much better idea what the actual financials are, and can therefore better predict how much debt burden it can support and still safely remain cash flow positive.Downside is you need the cash and it is locked in the property until you cash out refi, and it is not 100% certain you will be able to refi when you want and on the terms you want.

California charges a minimum tax of $800 a year per LLC, and more if you have gross receipts in excess of $250k.

Do you go into the deal with excess cash for it?

@Michael Plante fair statement, but all proposals now on the table are far in excess of what I am looking to do.

It doesn't sound like they did a lot of excessive damage. 

The old tenement houses that farmers lived in before they became wealthy , are now my best performing assets .a 25/35k 2Br 1 ba cash flows7k year over year which is a return in excess of 70%.