I'm now in the process of purchasing my first rental, a six-unit building in Iowa.  

This will give you a well rounded view of the construction process and how everything is priced but requires work.

Hi everyone,I am in the process of buying my first investment property...signed the contract but have two days to send the earnest money and 8 days for an inspection period.

When is it realistic for me to get in contact with a realtor and start this process?

I pay others to process that side of things, even go to closing on them.

They need to change their methods and deposit directly to your bank in person or to you in person if their current process isn't working.  

I'm currently in California in the process of buying a home and paying being asked to pay for another appraisal ($500) is frustrating.

Flipping is faster and can generate higher returns, but it is an active process and a job.

The properties will be delivered vacant in case it matters.Another question - aside from rent control, what are the current legal requirements (licensing, registration, approvals, other requirements) for the above three scenarios?  

I'm so new to this that I don't know how the LA market is for the wholesale process.