I think you will find that most real estate rules don't apply in Southern CA and especially in highly sought after communities like Irvine.  

I believe it's CFPB 7/17/16 final rule, requirements are there.

You created a cap rate when you purchased the building. 

You're focusing on creating supply of wholesale deals.

Keith -  MegaCorporations that are health insurers/hospital/family practice/everythings that gobble up a city and literally buy up all the doctors, change the insurance rules to screw everyone but themselves, and the paperwork...don't get me started.  

I've read that the 2+1 rule is unwritten law, but it seems like that's not a hard law anywhere.I have a 3 bedroom 1 bathroom property and had an applicant that wants to move in with 6 adults total and two children.

The situation with this Seller could be allow you to eliminate the existing owner's monthly payments, create a home ownership opportunity for someone that didn't exist before and help you make some money all at the same time. 

I figured upon graduating and finding a job I would want to invest the money I make in Real Estate and create some residual income.

Im assuming you had to create a LLC?

I help other people use some of their savings to create streams of income so they can start feeling better about they finances.