To your other point, we did feel a little bit burned on our last refinance when the appraisal came back $15,000 less than what we paid... after increasing gross rents by $175 per month and updating water heaters, water softeners, and doing some landscaping.

When I was promoted/started making around my current salary four plus years ago, I decided to stay where I’m living currently given I have a roommate w/ rent control ($1K/month with utilities in a residential neighborhood in West Hollywood – which I know you know is now unheard of in this neighborhood for a two bed two bathroom; the condition of the building, etc. is all topnotch, too).

I've seen too many inexperienced people get burned or go bankrupt not doing proper due diligence. 

These properties are not in the best part of town, in fact, they may actually be in some of the worst parts of town.My wife and I are very interested in getting into the buy and hold realm, but really have no idea where to start and don't want to get burned.

If this story can help even one person not burn any due diligence/earnest money, then it has served its purpose. 

If you can't find a buyer willing to continue operation as LIH, you may get out of the LURA and use restriction (doesn't happen very often).4) Years 16-30 - Continue operation (if nothing happens like in year 15 on in item 3) as LIH under the LURA.5) Year 30 - Usually the LURA burns off and you no longer are restricted to operating as LIHEACH DEAL IS DIFFERENT - THIS IS ONLY A MORE COMMON EXAMPLE.READ/UNDERSTAND THE LURA!!!!!!

When you rush into it and need them immediately, you will likely get burned.

We have recently started doing all types of real estate photography in los angeles, was wondering if anyone had tips on how to promote our services or other creative ways, we have been cold calling for weeks but being new to the real estate scene im still learning on how this system and networking works.

The only thing is that to use the anticipated rental income to qualify, you have to have a history of receiving rental income so you can pretty much prove to the bank you won't crash and burn and default. 

If you make offers at your MAO but well below the value and or listing price of a property you may burn bridges.