Filled vacancies (now operating between 95-100% occupancy).

On the commercial end, where I operate, deals are brought to us by brokers or lending institutions wanting to get rid of a note either in default or one that no longer fits their portfolio.

I suggest properties occupied by investment grade public companies or strong franchisees/operators of national brands with 10+ years remaining on the lease contract. 

As this is the case you could have just continued to operate the rental in your name. 

I am planning a trip to Cali next month.I was told from the standard mortgage operator on the phone, that I would better talk to their Private Mortgage Department or Advisor.

Hobby landlords have a very strange idea as to how a business operates.

Look I would only use the 1% rule as a minimum gage in general and I would want more for me personally . no ,I don’t need a bullet proof vest or ak47  to collect rent lol and yes You are certainly going to have more challenges and yes it’s going to be hands on management  to operate in these areas .

Many fly-by-night operations will talk a real good game but then suddenly stop responding or 'not be able to accommodate you' if you ask about coming out to see them.

For example, some people just take the T12 (this is the Profit & Loss) and the Net Operating Income (NOI) and the selling price and calculate the cap rate.

If I use the 50% rule for operating expenses and then just calculate a mortgage payment of 667K at 5% with no money down, the cashflow  would be negative at around $1700 per month, which certainly is no deal.