The only downside to the 5% conventional loans is that they now have income limits so in a mkt like LA if you qualify for the property you also probably make more than the income limits. 

You get to make money on the tax.The process is exacting but you personally won't notice any difference from selling and buying other than some time constraints and reinvestment targets.It does start with the sale and requires the use of a "qualified intermediary" in place prior to the closing of the sale who manages the process with you.

We have also been diligent in sending printouts to tenants with info on rental assistance and different types of funding which are available for those who qualify.

I think if you run the numbers it will be easier to cash flow Multifamily and in the long run it will be easier to qualify for more properties as you’ll likely have more income and established leases to show income.

I mean, understanding I may not be able to qualify for a mortgage at this amount irrespective of renovations I would still like to make said renovations and (if nothing else) resell it immediately for potentially a six-figure profit. 

  - Via the leasing agent, my friend was told that there have been qualified renters that the landlord has turned down. 

However, if they have lived in the property over 12 months, they are going to be protected under the new law (AB1482) and you'll need "just cause" to evict them (unless there's an exemption you qualify under). 

Lots don't bother to read and see they don't qualify.

As you mentioned you are fresh out of school with limited savings but as an owner occupied rental property owner you can qualify for lower down payment requirements (somewhere between 3.50% - 5%) and the Bank will take into account the anticipated rental income as part of your income so you will most likely be able to afford more than you think.  

My aim would be to financing via a 203K loan (I do believe it will qualify), rehab the property (adding another bedroom and as much add-on sqft as we can, and after cleaning up the lot, subdividing it into two .45 acre parcels to either sell at a later time, or develop and place another property.