The unit happens to be empty right now but they have a half dozen tenant applications in hand right now in case I opt to not move in.

Most will be from Phoenix, but some will be from other states yet visit here often enough to like the idea of owning something here.So the best thing to probably start with is your budget, since that's something that often can't change and it definitely can limit your options for market choice.Then you're going to consider your strategy... are you looking for cashflow?

I am assuming it is a post tax IRA and if it is there are some limitations. 1. you cannot take advantage of depreciation so I have heard that fix and flip is better. 2.

A thought is to issue limited business or company car sticker and ask them to put on the windows.

By adding tile floors, new cabinets and counters, new fixtures, new applicances, I think I should be able to get $1900 for rents no problem.I have not done a renovation of this scale, so if anyone can recommend contractors in Honolulu, Millani, Kailua, or Oahu in general that would do this kind of work, please do here or PM me.Also, I have no idea if I am able to write most of this off as repairs, or will I have to amortize the cost (not favorable)?

Jumbo loan limits in Sacramento county are currently $517,500, 20% down would put you at a 646k purchase price and still be ok.  

Or do we run a background check on multiple people that have submitted applications?

Next time, don't allow an applicant to sign the lease until they have seen the property in person. 

My understanding is that it's a very competitive rental market here with a ton of qualified applicants.

. – none of which is applicable when the LLC strictly engages in paper transactions without employees and a physical office.