I would be careful entering into an agreement like this with someone I didn't know. 

I always look at it from the perspective I don’t care what there number is, what is my number ?

There are those who purchase in their own name, then transfer to an LLC, not caring about the due-on-sale clause issue. 

Now Landlords are care givers...but Im sure you ran your comps.

Because I dont care if the tenant loses all their belongings in a fire, or if they get sued.

Then when I purchase them from the tax sale (because the company never pays the taxes) I have the owner calling me all upset because I sent them a $10k redemption bill & damn near have a come apart on the phone once I send them pictures of their cashflowing investment property that was trash.It just feels like some kind of fraud is happening......Not that I care.

The other tenant has been there years and will be evicted for numerous reasons that the previous owner did not care to address.I plan to fix up the property over the next few months and renew the existing tenant to a higher, 1-year lease and then search for a new tenant at market rate.Feeling a bit overwhelmed, I'd like some advice on where to start with a new thorough lease and forms to use since I want to secure a new lease with the existing tenant and will need to screen for a new tenant once I evict and renovate the other unit.I am considering to join the California Apart.

Be careful of your analysis on how quick equity builds on a mortgage and best of luck

The advice I can offer is be very careful of where you buy, many areas will never see any appreciation and the issues with distressed properties and tax problems, etc.

Given that it's a reno and they seem to lend on ARV, the purchase price of the house is essentially taken care of.