The investors would essentially be taking a second lien on a property with no equity and providing financing to a borrower with no down payment.

Well, you have to look at the numbers to make a decision: You are in California so you probably need to consider places outside of LA and CA.Visit the Turnkey operator and view some of the properties like this in Phoenix or in other parts of the country.Average Turnkey Cash Flow Per Door In PhoenixMetro Area No Bank Financing Neededhttps://www.biggerpockets.com/forums/600/topics/584916-average-cash-flow-per-door-in-phoenix-metro-area Don't just take people's word for it, have them email you paperwork, proof of payments, value, cash flow and ideally a copy of their Turnkey agreement.

Your math looks good on the surface and as an agent here in Sacramento I can tell you I am seeing essentially the same things you are.

So according to him:the property isn't under foreclosurehe's not sure how much is left on the mortgagehe says there are no liens or environmental issues with the propertyhe says he will help with 25% of the demo costhe says he does not know the bank that's holding the mortgage, probably National City Bank and gave me a 10 digit number.he says I can come over and make a copy of all the paperwork he has on the propertyThis situation has a lot of moving pieces and time will have to be dedicated to this.

It's clear that you've got hustle, which is essential to getting started and excelling in REI. 

You're essentially buying tenant credit risk, so my clients spend a lot of time underwriting the tenant, industry, etc.

I love how these new "terms" crop up to essentially describe something that's existed forever (subletting).

I've had my fill of demo.Part of me wonders if doing a little wholesaling/making a little quick cash might help me make this transition (essentially, if I have a little slush fund I can use this to hire out without guilt).

Just need to provide proper LLC documentation and paperwork.

@Mark SewellTry doing some type of Freedom of Information Act ( or whatever they refer to it in your state as - here it's called Opra) to look at the paperwork submitted for revoking the will.