There are cons as well right, high crime rate, and an inconsistency in neighborhood class ( you'll have a B+ area two street from a C-). 

Otherwise, not necessary)Mortgage PayableTenant Security Deposits HeldEquityTotally depends on your structure, but could be:Owner Contributions (for sole prop)Owner Draws (for sole prop)Member Contributions (for LLC/Partnership/Joint Venture)Member Draws (for LLC/Partnership/Joint Venture)Capital Stock (for S-Corp or C-Corp)Additional Paid in Capital (S-Corp or C-Corp)Shareholder Contributions (for S-Corp)Shareholder Dividends/Distributions (for S-Corp)Retained Earnings (all forms)If a few number of partners/members/shareholders, then one Contribution/Draw account per person/entity.  

Irvine's housing market only corrected 15-20% during the last down turn while the surrounding B or C neighborhoods like La Habra and Santa Ana corrected 40%.

A. unless there is already a section 8 tenant paying it in this house, dont count on it happeningB. the repairs are more expensive than expected, if they arent....the neighborhood is garbage...which also means.......C. section 8 tenants wont rent here because they have better options.D.....the "section 8 rental is 1245-1500" line is a catch to get someone like yourself to buy a house like this.

The fact is that areas like ours are critical to making their silly plan work b/c of the burgeoning commercial development that has begun in our area (we are also 3 miles from EAV, did I already say that?). 

This is a B- / C+ property.

Although, you are somewhat protected since you will be living in a unit. 21120 Santa Maria Drive, Tehachapi, CA 935612841 Desert Street A,B,C, Rosamond, CA 93560Here is one in Tehachapi and one in Rosamond that you could check out.

Who is invested in C areas in Jacksonville and how does it compare to Midwest C areas.Prices,rents,resales?

The big players investing in B-/C/D properties are going to turn it around and get out.

Assuming that there generally A type areas, B type areas, and C type areas, with A being the best neighborhoods and C being on the opposite end; any of those areas are potential investments that will make money.