My business partner wanted to start into the rental game and this is a big first step. maybe too big unless we had help from someone who likes to help people out.

I believe what you need is an equity partner will they take a huge amount of equity that depends on how long you have been in the game, can you put any skin in the game.

Register your unit with DHCD/RAD and DCRA this will save you so much headache if you run into a "professional tenant" that knows how the laws work and is adept at gaming the system to their benefit.5.

The agent makes a commission (finally).It's invariably a minimal money game for the agents, a lot of work and hustle for very little return.How well does this describe your expectations?

This is a numbers game. 

They then pulled the same game on a $25,500 REO and sold it for $150,000.

Note: the local bank may want you to have some skin in the game so it is likely that you will need to put 10% out of pocket. 

I run a mortgage and real estate office in LA and have worked for multiple investors looking to get into the SoCal rental game.

@Rick Pozos This thread is exactly what my heart wants, the whole BRRR process but I find myself in exactly the same position as OP which is $0 in the game.

Your mileage may vary with bigger banks.