In addition to what you see in this thread, I'd recommend adding a fat safety cushion to your budget for all unplanned expenses. 

After you know all those laws, I would talk with the seller about notifying the tenant that you will only (this can be done through the contract) be purchasing the property if they evict the tenant in the time period of escrow, and the unit needs to be investigated while in escrow, or you want a reduction in price due to the lack of knowledge of that unit.I have inherited a tenant and California is way different and more strict with tenant/landlord laws than most states, but luckily the tenant left without too much muscle (figuratively speaking).

DO you ask for a price reduction or ask them to fix it or split who repairs what?

While you can ask for reviews, they will be looking at the principal reduction not the appreciation of the collateral, so that won't help as you have not made additional payments...unless you did.

Go buy a dozen of those cheap little blank yard signs (the ones with the wire H frame work fine), a big fat tipped sharpie, and a lock box.

That might be a fat chance answer but it's what you could use if he'll give it to you. 

I can say, we honestly dont care about price reductions, we welcome them as it moves the property faster and we move on to the next asset.

The issues would likely be mostly around noise / people coming in and out, and your long term tenants comfort with that.I am assuming you are using the long term rental for risk reduction and more stable income.

It seem like most of the people hitting the MLS hard have many great realtor contacts and swoop on the deals before they hit the MLS and also no price reduction recorded on the MLS but only then know about the price drop so no competition for them.

I guess I could try contacting the seller to see how motivated they are, but I would need a very significant reduction in price for it to be worth it.