You should get a better rehab estimate from contractors rather than eye-balliing it.

We are doing them monthly so keep an eye out for future events.

However, that shouldn't be a problem since he has several to split up in the lenders eyes.

It's in CA, prop 13 protected, and I will never live at the property.  

Upon any complaint of a violation of this section, the Consumer Protection Unit of the Attorney General's office shall investigate the same, shall interview tenants of the landlord and shall, under appropriate search warrant, have the right to investigate all records of the landlord pertaining to applications made within the preceding 6 months.

This allows me to regularly check (annually or biannually) to make sure their rates stay competitive.I do use a bookkeeper/CPA that keeps an eye on all of my payments and accounts.The bookkeeper/CPA is my second set of eyes on my finances and helps hold me accountable and even fixed things before they get urgent. 

I am keeping my eyes open and will continue to analyze properties. 

I keep an eye out, so tell me what you are looking for.

Then I get to wait for someone to accuse of me of disparate treatment of a protected class or, preferential treatment to another class.

Just make sure you have standard protections in the contract.