If you buy less than your net sale or if you take cash out you pay tax on the difference as if you were pulling profit out.It's very common that people want to only roll their profit forward. 

You get stuff like holes in the hallways, broken outside lights, damage to a common washer / dryer (if there is one), that no one will fess up to and will come out of your pocket.Don't be afraid to make low offers. 

Any common mistakes I could avoid would be greatly appreciated!

Of course, common sense says all things being equal, older will require more capex.

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.