There would be more than enough fat to pay the mortgage, pay a property manager slightly above market for the extra headache, put aside reserves for capex and taxes, and still generate at least a couple hundred bucks in cash flow. 

California charges a minimum tax of $800 a year per LLC, and more if you have gross receipts in excess of $250k.

If your property is larger, or has a lot of cashflow, and you intend to hold for a while, and you can use the excess depreciation, I would absolutely do it. 

Before you speak to people hoping to make a fat wad of money off you (a lender or a real estate agent), it would be a lot cheaper to buy a successful local real estate investor a nice sammich and listen to what he has to say as he's eating it.A sammich is a hell of a lot cheaper than an agent's commission on a single-family or interest on a six-figure loan.

If you like brown, muddy water, fat people, a nice petrochemical smell, and trash on the beach, this place is for you!

We will quickly correct the excess spending, and fill the vacant units with quality residents.

Apply grout per package directions.In a few hours clean the excess groutDay4: admire your work.

@Michael Baum 22 feet would be a bit excessive lol!

I believe all mortgages are in the name of Pine, not investors.I also noticed that a FAQ states they have never experienced a default rate in excess of 3%. 

If you can make a profit in excess of your normal commission, then you're taking some money that should go to the seller.