Renovated 3/2's were selling in the high 4's low 5's but there were no comps for 2/1's. 

They are all about keeping your prices low and butts in the seats no matter how fancy the property. 

you have to assume the worse and bid accordingly (very low). 

You will have negative cash flow and will only be able to rely on appreciation to profit....extremely risky.Additionally if plan A is a serious option for you then you are a very low risk investor and may want to reconsider directly investing in real estate and may be better off putting your money in a REIT.A investor, assuming they have the ability to move, would sell the CA property and move their money to where it can actually produce positive cash flow.

Hello, I am a land investor and I'm looking to employ the "Profit First" strategy to help me manage my financials. 

I recently left an employer where I had a significant 401K balance.

Have you read The Book on Investing in Real Estate with No (and Low) Money Down by @Brandon Turner? 

People elect to be taxed as S Corp to save on self employment taxes, but rental income are inherently not subject to SE tax, thus S election is not needed.S Corp also complicates the transaction if you ever want to sale. 

Also consider low flow shower heads.

loleven tried liquidating my $16k work tractor to get funds to refi.i already maxed my credit card on rehabs. self employed but net tax revenues are avg of $2500 month for last 2 yrs. but with 2 moves,  in last 6 months, and focus onto real estate less coming in.